A major Solana (SOL) holder, who earned over $20 million from the asset in 2023, has returned to the market after a two-year period of inactivity. This time, they invested $3.6 million to purchase SOL, which immediately caught the attention of analysts.
Activity of the "Sleeping Whale"
The address tagged GvHYQQ purchased 47,535 SOL. Notably, this wallet first began accumulating coins back in 2023 — long before the start of the aggressive upward trend. At that time, in August and October, it bought 291,790 SOL for $6.82 million at an average price of $23.37 per token. By the end of that same year, SOL had entered a phase of active growth.
Later, the whale sold 191,789 SOL for $24.62 million at an average price of $128.36, locking in a profit of over $20 million. After that transaction, the address remained inactive for more than two years.
"Now, after 2 years of inactivity, this whale is buying SOL again on the dip," note analysts tracking large transactions on the network.
According to blockchain explorer data, the wallet still held about 100,000 SOL purchased in 2023. The fresh transaction increased the total position to approximately 147,535 SOL, which at the current exchange rate is valued at $11.1 million.
Market Context and SOL Dynamics
Currently, SOL is trading near the $75 mark. Over the past day, the altcoin's price has remained virtually unchanged, while over the past month it has declined by about 1%. Since the start of the year, the drop has been approximately 39%, and over the last 12 months, losses reach 59%.
The overall backdrop remains mixed. In mid-August, several on-chain indicators turned toward a pessimistic scenario: net exchange inflows rose, and trading volume on decentralized platforms remains nearly 80% below April's peak.
At the same time, large capital is showing the opposite trend. Inflows into Solana ETFs for the week leading up to August 14 totaled $10.26 million — nearly 70 times more than the previous week.
The macroeconomic and geopolitical environment remains shaky. Whether the trader's new bet on Solana will pay off is still unclear.
My comment: The return of this whale is an important signal. They are buying after a sharp drawdown, when retail investors are in panic. Historically, such actions by large players often precede a trend reversal, but under current macroeconomic conditions, the risk remains high. It is worth watching this address, but not as the sole indicator.