A major Solana (SOL) holder, who managed to lock in profits of over $20 million in 2023, has broken a two-year pause and re-entered the market. The new transaction amounted to $3.6 million — these funds were used to purchase SOL.
Analyzing fund movements on the blockchain, I noticed a wallet tagged GvHYQQ. This address had built up a significant token reserve back in 2023, before the active rally began. In August and October of that year, it acquired 291,790 SOL for a total of $6.82 million, with an average entry price of about $23.37 per coin. It was a forward-looking bet that subsequently yielded enormous returns.
Having moved into profit, the whale partially locked in gains, selling 191,789 SOL at an average price of $128.36. The proceeds from the sale totaled $24.62 million, securing a net profit of over $20 million. After this series of transactions, the address remained inactive for more than two years, making its behavior particularly telling to observe.
Now, after 24 months of "silence," this player has shown activity once again. The fresh purchase amounted to 47,535 SOL, increasing its total position to approximately 147,535 tokens. At the current exchange rate, this is equivalent to $11.1 million. It is important to note that the wallet still holds about 100,000 SOL purchased back in 2023, indicating long-term confidence in the asset.
Current picture for SOL
At the time of analysis, SOL is trading near the $75 mark. Over the past day, the price has remained virtually unchanged, and over the month, the decline has been about 1%. However, on a broader scale, the dynamics look concerning: since the start of the year, the asset has lost approximately 39% of its value, and over the past 12 months, the drop has reached 59%. Current levels are more than 74% below the January 2025 high.
The market backdrop remains mixed. On the one hand, in mid-August, a number of on-chain indicators turned toward a bearish scenario: net exchange inflows rose, and trading volume on decentralized platforms fell by nearly 80% from April peaks. On the other hand, 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.
Macroeconomic and geopolitical uncertainty continues to weigh on the market, and it is too early to talk about the formation of a sustainable bottom. Nevertheless, the return of such an experienced player is a signal that cannot be ignored. Perhaps we are witnessing the beginning of accumulation by large capital at attractive price levels, which often precedes a trend reversal.