Solana Smart Whale Sells $44M SOL For Profit, What’s Next?

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As a seasoned researcher with years of experience delving into the fascinating world of cryptocurrencies, I must admit that the recent moves by the Solana smart whale have piqued my interest. Having closely followed the crypto market’s ebb and flow, I can confidently say that this is not an ordinary event but a testament to the potential of Solana.

On Monday, a savvy Solana investor, often referred to as a ‘smart whale,’ caused quite a stir in the wider crypto community by offloading approximately $44 million worth of SOL tokens. Previous on-chain analysis indicates that this shrewd investor amassed around 0.5 million coins beforehand, and is now cashing out some of these holdings to reap colossal profits.

The intense selling off and accumulation of profits regarding a specific cryptocurrency (SOL) has sparked curiosity among financial observers, since the ‘whale’ continues to hold substantial quantities of this cryptocurrency. This suggests that potential increases in the price of SOL could still occur.

Solana Smart Whale Sells $44M SOL For Profit Sparking Investor Optimism

According to data from Lookonchain on November 4, a large investor (referred to as a ‘smart whale’) sold approximately 265,070 Solana tokens (SOL) worth around $43.96 million to Binance, one of the major cryptocurrency exchanges. Interestingly, this same whale had bought 500,862 SOL, valued at about $11.81 million, between August 7 and October 23, 2023. This recent sale now amounts to approximately $81.14 million, signifying a significant profit for the trader, as their initial investment has nearly quadrupled in value.

Beyond the recent drop, this significant Solana whale wallet holds approximately 24.72 million dollars’ worth of JitoSOL and around 126,631 SOL valued at roughly 20.58 million dollars, according to Lookonchain figures. In total, these holdings, which have earned a profit of over 87 million dollars on SOL, have generated substantial market enthusiasm for the crypto within the broader market.

SOL Price To Gain Further?

Over the last 24 hours, the price of SOL experienced some rough patches, dipping slightly by 0.5%, settling at $162 as we speak. Its lowest and highest points during trading were $158.14 and $164.71 respectively. Despite exhibiting volatility in line with current market dynamics, the monthly chart indicates a 12% growth for SOL, suggesting that it may continue to rise. This overall upward trend implies that the coin could potentially surge higher.

Currently, CoinGape Media’s Solana price forecast suggests that the coin is considered a bargain at its current price point. This assessment is largely based on the fact that its trading activity right now is under 37% of its highest point at $260.06. Experts in the market believe that this low percentage could signal potential for further growth in the future.

Meanwhile, data from Coinglass has added an element of mystery to upcoming price changes, as the coin’s future open interest decreased by 7.55%, down to $3.02 billion over the past day. Cryptocurrency enthusiasts are keeping a close eye on the asset’s value, anticipating any potential price fluctuations based on these recent statistics.

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2024-11-04 10:57