A large Solana whale has sold nearly $44 million worth of SOL and made significant profits. The whale had previously accumulated 500,862 SOL, worth $11.81 million at the time of accumulation, between August 7 and October 23, 2023. The recent selloff has attracted attention among market watchers, as the whale still holds considerable amounts of SOL, suggesting further gains in price may be witnessed.
According to on-chain data, the whale sold 265,070 SOL, worth $43.96 million, to the crypto exchange Binance, making a profit. The whale’s holdings also include $24.72 million worth of JitoSOL and 126,631 SOL worth $20.58 million. The existing holdings have a profit of $87 million on SOL, which has sparked market optimism for the crypto across the broader market.
Despite the recent selloff, the Solana (SOL) price has gained 12% over the past month, suggesting the potential for further gains. CoinGape Media predicts that the coin is still “cheap” at the current price level, as it is below 37% from its peak of $260.06. However, the coin’s futures Open Interest (OI) has dropped 7.55% over the past day to reach $03.02 billion, leaving crypto enthusiasts to monitor the asset’s price for further shifts.
