A prominent Solana whale has recently generated considerable buzz in the cryptocurrency market by selling nearly $44 million worth of SOL, realizing substantial profits from their investment. Despite this significant selloff, the market remains optimistic about the future of SOL.
The whale, who previously acquired close to 500,000 SOL tokens, sold 265,070 SOL for approximately $43.96 million on the cryptocurrency exchange Binance, as indicated by recent on-chain data from Lookonchain. The original purchase, made between August 7 and October 23, 2023, totaled about $11.81 million. The current valuation of these holdings has surged to roughly $81.14 million, reflecting a remarkable profit margin for the trader.
Despite the selloff, the whale retains a considerable amount of SOL, alongside $24.72 million worth of JitoSOL and an additional 126,631 SOL valued at $20.58 million. Overall, the whale’s current holdings showcase a total profit of $87 million in SOL, fostering a sense of optimism among investors about the cryptocurrency’s prospects.
As for the price of SOL, it experienced minor fluctuations, trading at $162, down about 0.5% at the time of reporting. During the day, SOL reached an intraday low of $158.14 and a peak of $164.71. However, the cryptocurrency has shown a notable increase of 12% over the past month, hinting at a bullish trend that may support further price increases.
Market analysts from CoinGape Media have also pointed out that SOL could still be considered undervalued at its current price, trading 37% below its peak of $260.06. This perspective encourages the notion that there is significant potential for growth in the near future.
Additionally, Coinglass data highlights a recent decline in SOL’s futures open interest (OI), which dropped by 7.55% over the past day to approximately $3.02 billion. This shift adds an intriguing layer to the asset’s price movements, prompting crypto enthusiasts to keep a close watch on SOL for any forthcoming developments.
Overall, while the selloff by the Solana whale has captured attention, the remaining holdings and broader market trends suggest that SOL may still be on a path towards further gains.
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