A major Solana (SOL) holder, who previously locked in profits of over $20 million, has reappeared on the market after a two-year period of inactivity. According to my observations of blockchain fund movements, this address has made a new large transaction, investing $3.6 million in SOL. This is a notable signal, given that the asset's price is currently approximately 74% below its January 2025 high.
The "Sleeping Whale" Has Awakened
Transaction analysis shows that the wallet tagged GvHYQQ has purchased 47,535 SOL. The history of this address is telling: in 2023, before the active rally began, it accumulated a significant position. In August and October of that year, 291,790 SOL were purchased for $6.82 million at an average price of just $23.37 per token. This was a forward-looking bet, as SOL quotes surged upward by the end of 2023.
Later, realizing part of its assets, the whale sold 191,789 SOL for $24.62 million at an average price of $128.36. This transaction brought it a net profit exceeding $20 million. After that, the address remained "dormant" for more than two years, making its current activity particularly interesting to track.
"Now, after 2 years of inactivity, this whale is buying SOL again on the dip," note analysts tracking large fund movements.
According to blockchain explorers, the wallet still held about 100,000 SOL purchased back in 2023. The fresh purchase has increased the total position to approximately 147,535 SOL, which at the current exchange rate is valued at $11.1 million. This suggests that even after taking profits, the investor has retained faith in the asset's long-term potential.
Market Context and Price Dynamics
SOL is currently trading near the $75 mark. Over the past day, the dynamics are practically flat, and over the month the price has decreased by approximately 1%. However, since the beginning of the year, the decline has been about 39%, and over the last 12 months, losses reach 59%. Such a correction creates both risks and opportunities for entry.
The overall backdrop remains ambiguous. 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 the April peak. Nevertheless, institutional interest is emerging: inflows into Solana ETFs for the week before August 14 amounted to $10.26 million—almost 70 times more than the previous week.
The macroeconomic and geopolitical environment remains shaky. Whether this trader's new bet on Solana will pay off is still unclear, but his actions clearly deserve attention.
My conclusion: the return of such an experienced player after a long pause is not a coincidence. He is buying not on emotions, but based on strategic vision. Nevertheless, investors should remember that even successful whales make mistakes, and current volatility requires a cautious approach to risk management.