A major Solana (SOL) holder, who earned over $20 million from the asset's growth in 2023, has returned to the market. After a two-year period of complete inactivity, this address purchased 47,535 SOL worth $3.6 million. This event has drawn the attention of analysts tracking "whale" movements and has become a signal for market participants.
Return After a Long Dormancy
The wallet tagged GvHYQQ first began accumulating SOL back in 2023, before the rapid rally began. In August and October of that year, it purchased 291,790 SOL for $6.82 million, at an average price of $23.37 per token. When prices surged in late 2023, the whale sold 191,789 SOL for $24.62 million, locking in a profit of over $20 million at an average selling price of $128.36. After that, the address remained inactive for more than two years.
Now, with SOL trading near its annual lows, this same wallet has shown activity again. The fresh purchase has increased its total position to approximately 147,535 SOL, valued at $11.1 million at the current rate. Previously, the balance held about 100,000 SOL acquired back in 2023.
Market Context: Pressure and Hopes
At the moment, SOL is trading around $75. Over the past day, the dynamics are nearly flat, and over the month, there is a decline of about 1%. However, since the start of the year, the asset has dropped almost 39%, and over the last 12 months, it has lost about 59%. Current levels are more than 74% below the January 2025 high.
The fundamental picture remains mixed. In mid-August, on-chain indicators turned toward a bearish scenario: net exchange inflows rose, and trading volume on decentralized platforms remains nearly 80% below the April peak. Nevertheless, institutional interest shows the opposite trend. Inflows into Solana ETFs for the week ending August 14 totaled $10.26 million — almost 70 times more than the previous week.
Macroeconomic and geopolitical uncertainty continues to pressure the market. Whether this whale's new bet on Solana will pay off remains to be seen. However, its return after such a long pause is a clear signal that large capital sees an attractive entry point at current prices. In my analysis, if institutional inflows persist and seller pressure eases, SOL has potential for a technical bounce, but a sustained reversal will require a hold above key resistance.