A smart whale on the Solana network once again made waves in the crypto community on Monday when it sold nearly $44 million worth of SOL for a huge profit. Recent on-chain data shows that the whale had previously collected nearly 0.5 million SOL coins, and has now sold some of them for a huge profit.
The large-scale sell-off and profitable trading sequence has attracted significant attention from market observers, as the whale still holds a large amount of SOL, suggesting that the price of SOL could continue to rise in the future.
Solana Smart Whale Sells $44 Million in SOL for a Profit
According to on-chain data from Lookonchain released on November 4, a smart whale sold 265,070 SOL worth $43.96 million to leading crypto exchange Binance for a huge profit. Notably, the whale accumulated 500,862 SOL, worth $11.81 million at the time of purchase, between August 7 and October 23, 2023. The investment is now worth around $81.14 million, marking an extraordinary return for the trader.
Apart from the sell-off, the smart whale still owns $24.72 million worth of JitoSOL and 126,631 SOL worth $20.58 million, according to data from Lookonchain. In total, the current holdings represent a profit of $87 million from SOL, which has generated significant optimism across the crypto market.
Will SOL Price Continue to Rise?
SOL has seen some volatility over the past day, down slightly by 0.5% to $162 at press time. The intraday low and high were recorded at $158.14 and $164.71, respectively. While the coin has been volatile in recent market trends, the monthly chart shows a 12% increase. This broader uptrend suggests that SOL still has the potential to continue its breakout.
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In parallel, the recent Solana price prediction suggests that the coin is still considered “cheap” at current levels. This analysis is largely based on the current trading session of SOL, which is still 37% lower than its peak of $260.06. Market observers believe that this metric signals the possibility of further gains.
However, data from Coinglass raises curiosity about the upcoming movements, as the OI (Open Interest) of SOL futures has decreased by 7.55% over the past day to $3.02 billion. Cryptocurrency enthusiasts continue to closely monitor the price of SOL for further changes based on the above figures.
