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A whale on the Solana 
$177 network drew attention to the crypto market by selling approximately $44 million worth of SOL on Monday. Recent on-chain data indicates that the whale had previously amassed around half a million SOL coins and has now sold a portion of them to secure substantial profits.
Details of the Solana Whale’s Sale
According to data released by Lookonchain on November 4, the whale sold 265,070 SOL (valued at approximately $43.96 million) to Binance for profit. Between August 7 and October 23, 2023, the whale had acquired 500,862 SOL (worth $11.81 million at that time). Currently, this acquisition is valued at about $81.14 million, representing extraordinary gains for the trader.
In addition to the sale, this Solana whale’s address holds $24.72 million in JitoSOL and $20.58 million in 126,631 SOL, according to Lookonchain data. The total current assets highlight how timely purchases can yield significant profits, bringing approximately $87 million in gains on SOL alone.
Future Expectations for SOL Price
Recently, the SOL price has experienced fluctuations and was down by 0.5% to around $162 at the time of writing. The intraday low and high were recorded at $158.14 and $164.71 respectively. However, the monthly chart shows a 12% increase, indicating an overall optimistic trend that suggests the coin’s price may continue to rise.
On the other hand, data from Coinglass shows that SOL Coin’s Open Interest (OI) in futures dropped by 7.55% in the last day. Such significant sell-offs in the crypto market can heighten speculation among traders regarding SOL’s future price movements. The whale still holding a considerable amount of SOL and other assets affirms the optimism in long-term expectations.
In conclusion, it may be crucial to closely monitor market conditions for SOL investments in light of these developments. The movements of the whale can often influence market trends and it could be beneficial for traders to adjust their strategies accordingly.
