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