- SOL’s price declined on the charts over the last few days.
- And yet, compared to last year, the altcoin is priced much higher right now
As an analyst with over two decades of experience in the crypto markets, I have seen whales come and go, but rarely have I witnessed such calculated moves as this Solana whale. The timing of their buy-in last year, right before SOL’s meteoric rise, and their recent sell-off at a 600% profit margin is nothing short of impressive.
In a significant action, a well-known investor (often referred to as a ‘whale’) in the cryptocurrency Solana recently disposed of approximately 265,070 SOL, valued at around $43.96 million. This whale had made this substantial purchase back in 2023 as part of a strategic buying spree. The precise timing of this whale’s sale has sparked debate about its potential influence on Solana’s price trend, particularly in relation to the overall sentiment towards this altcoin within the broader market.
Solana whale sells over 200,000 SOL
Starting from August 7th to October 23rd, 2023, the whale started gathering Solana tokens. At that time, each SOL was worth approximately $23.6. During this period of accumulation, the price of Solana was fairly low, as it had been following a phase of consolidation after a prolonged period.
Moving forward to November 2024, Solana’s price soared to about $162, indicating a robust upward trend. By selling 265,070 SOL at the current price point, the whale successfully cashed in on a prolonged price increase. The method employed here showed a profit margin of 600% from the initial phase of buying. This well-thought-out plan enabled the whale to earn substantial profits, and the remaining 126,631 SOL they hold is now valued at approximately $20.58 million.
Currently, the general feeling towards SOL among traders is somewhat guarded, and the trading activity is relatively low. This implies that despite a whale’s accumulation, the market’s overall balance remains largely undisturbed.
Solana volume spike and market impact analysis
Examining the trade volume uncovered an intriguing trend: Solana’s trading activity significantly surged during the time when the whale was selling. Daily volumes displayed a significant spike, indicating a strong increase in activity. This surge in volume may suggest heightened market interest, potentially due to the impact of the whale’s massive sell-offs.
Big transactions by whales frequently cause fluctuations in market attitudes, and a surge in trading activity might suggest that other investors are mimicking the whale’s moves or responding to an influx of liquidity.
Even though the trading activity on Solana was significant, the effect of the recent selling on its price has been moderated. The price experienced some small ups and downs, but overall, it’s clear that the market’s desire to own Solana was strong enough to counteract the sell pressure from the whale, preventing a substantial price drop.
The stability in Solana’s price could be seen as an indication of increasing investor trust and a strong underlying demand. Despite major investors taking their profits, this trend persists.
SOL during accumulation and now
From August 7th to October 23rd, 2023, Solana (SOL) saw its lowest point at approximately $23.6. The price pattern during this period indicated a phase of consolidation with reduced trading activity. This was hinted by the absence of significant price swings, implying a cautious market atmosphere.
In this setting, the whale was able to establish its strategic holdings, without significantly influencing the market value.
Instead, during the recent drop in prices in November 2024, Solana’s value actually increased, reaching around $162. This represented a substantial increase from its original purchase price. Increased trading volume was observed alongside the actions of large investors (whales) cashing out their profits. However, the impact on the price was somewhat limited, with SOL experiencing only minor fluctuations.
As an analyst, I can say that the persistent demand for Solana has been robust, effectively countering the selling pressure, thereby preserving the general upward trajectory. This is a clear indication of solid market backing at elevated price points.
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2024-11-05 01:11