Solana whale returns: $3.6 million in SOL after a two-year pause and $20 million in profit
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 purchased 47,535 SOL worth approximately $3.6 million, signaling renewed interest from "smart money" in the altcoin amid the current downturn.
Analysis of the whale's transactions: from accumulation to profit-taking and back
The wallet tagged GvHYQQ first drew attention in 2023, when it acquired 291,790 SOL for $6.82 million in August and October at an average price of $23.37 per token. This was done before the impressive SOL rally began later that year. Later, during the uptrend, the whale sold 191,789 SOL for $24.62 million at an average price of $128.36, locking in more than $20 million in net profit. After that, the address remained inactive for over two years.
Now, according to my data, this same wallet has re-entered the market, buying SOL on the dip. The address's total position has grown to approximately 147,535 SOL, valued at $11.1 million at the current exchange rate. Notably, the wallet still holds previously acquired tokens — about 100,000 SOL purchased back in 2023.
Market context: SOL under pressure, but ETF inflows are rising
SOL is currently trading near the $75 mark. Over the past day, the price has remained virtually unchanged, and over the past month, it has declined by roughly 1%. However, since the start of the year, the altcoin has lost about 39%, and over the last 12 months — 59%. Current levels are more than 74% below the January 2025 high.
The market picture remains mixed. On one hand, on-chain indicators turned bearish in mid-August: net exchange inflows rose, and trading volume on decentralized platforms remains nearly 80% below the April peak. On the other hand, 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, and it is too early to say whether the trader's new bet on Solana will prove successful. However, the return of a whale with a track record of successful trades is a signal worth considering when assessing the asset's medium-term prospects.
My opinion: such actions by experienced market participants often precede a trend reversal, especially when they coincide with growing institutional interest via ETFs. Nevertheless, amid high volatility and an uncertain macroeconomic backdrop, investors should remain cautious and not view this signal as an unconditional call to buy.