Solana whale makes a big splash in the market with over a $44 million SOL selloff, contributing to the intense volatility for the coin
The popular digital asset SOL, native to the leading Solana blockchain, caused a ripple in the crypto world earlier today. A whale holder of the coin unloaded $44 million worth of SOL and pulled in substantial profits. This high-stakes move has caught the attention of market analysts and the memecoin community.
Blockchain analytics revealed that a major Solana holder purchased 500,862 SOL for $11.81 million months ago, anticipating future price increases. As SOL surged, the whale sold 265,070 SOL on Binance for $43.96 million, making a significant profit.
Despite the recent sale, the whale retains a substantial SOL bag, indicating ongoing optimism about its growth. Lookonchain reported that the wallet still holds $24.72 million in JitoSOL and about $20.58 million in SOL. This suggests a potential for even greater gains if Solana’s price rises.
Solana Price Wavers, But the Monthly Gains Remain Solid
According to CoinMarketCap data, Solana (SOL) is priced at $160, having dipped by 2.18% in the previous 24 hours. Despite the slight turbulence, SOL’s broader monthly performance reveals a 12% gain, which shows strength despite daily ups and downs.
Also, the digital asset’s intraday trading saw lows of $158.14 and highs of $164.71. This indicated that while SOL remains volatile, it holds potential for further appreciation. Crypto analysts consider SOL a bargain, with its current price hovering 37% below its all-time high of $260.06.
The current outlook suggests that SOL still has room to grow, and some experts are optimistic about further rallies in the near term.
In a twist, the Coinglass report revealed a 7.55% drop in Solana’s futures open interest to $3.02 billion over the last day. This reduction may hint at some caution among traders. Still, market participants closely watch SOL for possible changes influenced by this and other whale activities.
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