Literally most people hold not because to wait for percentage of the increase but depends on how the market will impact them especially when there's a price rally, so basically yes, emotions and feeling are part of it.

Most altcoins are pump and go then that cycle will not repeat again so hodling it for long term is sometimes not a good idea. So for this, even how high the percentage of increase, if people's emotions saying that it's time to let go , then released it no matter what.

For those who wants to do an altcoin hodling for long term, they need to have the guts to do it especially if their target is 100 to 200% or more increase plus the duration is really long period of time.

#why only altcoin? Because bitcoin is technically proven that fits for long term hodling.