Solana Whale Realizes $44 Million in Profits, Igniting Market Optimism

A prominent investor in Solana has created a stir in the cryptocurrency market by selling nearly $44 million worth of SOL, realizing significant profits.

On November 4, blockchain data showed that this “smart whale” sold 265,070 SOL for approximately $43.96 million on Binance, following an earlier purchase of 500,862 SOL for about $11.81 million between August 7 and October 23, 2023. The value of that acquisition has since risen to roughly $81.14 million, reflecting a remarkable profit.

This investor still holds a substantial amount of SOL, along with $24.72 million in JitoSOL and 126,631 SOL valued at $20.58 million, leading to a total profit of $87 million. This has generated optimism in the broader crypto market.

Currently, SOL’s price has dipped 0.5% to $162, with recent fluctuations showing a low of $158.14 and a high of $164.71. Despite this volatility, the monthly trend indicates a 12% increase, suggesting potential for further growth. CoinGape Media’s analysis suggests SOL is still undervalued, trading 37% lower than its peak of $260.06.

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However, Coinglass data reveals a 7.55% drop in futures open interest over the past day, now at $3.02 billion, prompting investors to closely monitor SOL’s price movements for future implications.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.