A major Solana (SOL) holder, who previously locked in profits exceeding $20 million, has become active in the market again. After a two-year period of inactivity, this address has made a new large purchase, investing $3.6 million in SOL. This event has drawn the attention of analysts tracking "whale" movements on the network.
Transaction details and wallet history
The wallet tagged GvHYQQ purchased 47,535 SOL. Notably, this address began accumulating coins back in 2023, before the active price rally began. At that time, in August and October 2023, the whale bought 291,790 SOL for $6.82 million at an average price of $23.37 per token. By the end of that year, SOL was already showing impressive momentum, which later allowed the address to sell 191,789 SOL for $24.62 million at an average price of $128.36, securing a net profit of over $20 million.
After this series of sales, the wallet remained inactive for more than two years. Now, with the market in a correction phase, the whale has returned to buying, which can be seen as a signal of confidence in the asset's long-term potential.
Current SOL market situation
At the time of analysis, SOL is trading near the $75 mark. Over the past 24 hours, the price has remained virtually unchanged, while over the past month it has declined by approximately 1%. Since the start of the year, the altcoin has lost about 39% of its value, and over the last 12 months, the decline has reached 59%. Current levels are more than 74% below the January 2025 high.
The overall market picture remains mixed. In mid-August, several on-chain indicators turned toward a pessimistic scenario: net exchange inflows increased, and trading volume on decentralized platforms remains nearly 80% below the April peak. However, institutional investors are showing the opposite trend: inflows into Solana ETFs for the week ending August 14 totaled $10.26 million — nearly 70 times more than the previous week.
My comment: The return of this whale after such a long pause is an important signal. He is buying not at the peak, but during a downturn, which points to a strategic approach. Combined with growing institutional interest, this could indicate the formation of a local bottom, although macroeconomic uncertainty remains a significant risk factor.