A notable investor in Solana has caused a ripple in the cryptocurrency market by selling close to $44 million worth of SOL, yielding significant returns.
Blockchain data from November 4 revealed that this “savvy whale” offloaded 265,070 SOL for an estimated $43.96 million on Binance, following an earlier procurement of 500,862 SOL for roughly $11.81 million between August 7 and October 23, 2023. The value of that purchase has since inflated to approximately $81.14 million, illustrating a remarkable profit margin.
This investor continues to retain a considerable quantity of SOL, along with JitoSOL worth $24.72 million and 126,631 SOL valued at $20.58 million, culminating in a total profit of $87 million. This has sparked optimism across the wider crypto market.
At present, SOL’s price has slightly declined by 0.5% to $162, with recent fluctuations demonstrating a low of $158.14 and a high of $164.71. Despite this instability, the monthly trend indicates a 12% rise, implying potential for further expansion. An analysis by CoinGape Media suggests that SOL is still undervalued, trading 37% below its peak of $260.06.
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However, data from Coinglass discloses a 7.55% decrease in futures open interest over the last day, now standing at $3.02 billion, leading investors to keep a close eye on SOL’s price movements for future implications.
