This Monday, a notable shift occurred in the Solana ecosystem. A prominent Solana whale made headlines by selling $44 million worth of SOL, realizing a substantial profit. On-chain data reveals that the whale had previously accumulated 500,000 SOL and has now partially liquidated these holdings. Despite the major sale, the whale still holds a considerable amount of SOL, sparking optimism that the price may continue to climb.
Whale Sell-Off and Market Reaction
According to Lookonchain data, the massive sale took place on November 4. The whale offloaded 265,070 SOL on Binance, netting $43.96 million. This investor had initially purchased 500,862 SOL between August 7 and October 23, 2023, when their value was around $11.81 million. Today, that holding has appreciated to $81.14 million, marking an impressive gain for the whale.
The whale’s portfolio still contains JitoSOL valued at $24.72 million and 126,631 SOL worth approximately $20.58 million. With total profits reaching $87 million, these strategic moves have fostered optimism among market watchers and heightened interest in Solana’s price outlook.
Will Solana’s Price Continue to Rise?
SOL’s price has shown some volatility in recent days. Currently, it’s trading at $162, down 0.5% today, with intraday highs and lows at $158.14 and $164.71. Although the market remains volatile, Solana has gained 12% over the past month, indicating a possible bullish trend.
Advertisement Banner
Analysts suggest that Solana’s current level may still be “undervalued,” especially given its 37% discount from its peak of $260.06. However, Coinglass data shows open interest (OI) in SOL futures declined by 7.55% to $3.02 billion recently, which adds complexity to its near-term trajectory. Crypto enthusiasts are keeping a close watch on these metrics to gauge future price action.
Market Sentiment and Funding Rates
As reported by The Bit Journal, some analysts, like Benjamin Cowen, believe that Solana may not replicate its October performance. Cowen suggests the SOL/BTC pair could experience a dip in November/December before rebounding in early 2025.
Meanwhile, data from Santiment shows a positive funding rate, indicating that long positions (buyers) currently outweigh short positions (sellers). This trend suggests investor optimism about Solana’s price potentially rising in November.
With a watchful eye on whale activities and market trends, Solana investors are anticipating what’s next for this volatile asset. The Bit Journal will continue to provide insights as the situation unfolds.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
