Yes, HODL does work.
When talking about my strategy of HODL, for me, I don't judge it on a regular and short term basis, I just have to set a good target and wait until that target will be achieve. For me, HODL means I'll be able to hold for a long term if the right timing has not come yet.
For example, I bought at peak in 2017, that means I am still holding until now, and I will never get panic despite of what would happen to the market.
You must be firm. However, people aren't have the same approach as you. Or you may be wealthy from behind so that you ain't worrying what would be the market held from time to time. If people have the same attitude as you, I just see a healthy environment. More positivity, I supposed? Full of encouragement, and such things.
There are a lot of people still holding between 2017 and 2018, but it's a shame that they were frustrated by the market and constantly afraid of it. They will be willing to dump when prices go up a bit. I still remember the moment BTC increased to $ 13k, most of them all sold and left this market because they couldn't wait any longer and accept their losses in this market.