A major Solana (SOL) holder, who managed to earn over $20 million on the asset in 2023, has reappeared on the market's radar. After a two-year period of complete inactivity, this address has made a fresh purchase, investing $3.6 million in SOL.
The Return of the "Sleeping" Whale
An analysis of on-chain data, which I conducted, shows that the wallet tagged GvHYQQ has acquired 47,535 SOL. The history of this address is telling: it made its initial accumulation back in August and October 2023, when it bought 291,790 SOL for $6.82 million at an average price of just $23.37 per token—that is, before the start of the impressive rally.
Later, the whale sold 191,789 SOL for $24.62 million, realizing a profit of over $20 million at an average exit price of $128.36 per coin. After that, the address went silent for two long years. Now, as I can see from recent transactions, it is once again betting on Solana, acquiring tokens during the current dips.
Current Position and Market State
According to the data available to me, the wallet held about 100,000 SOL, purchased back in 2023, before the latest transaction. The new purchase has increased the total position to approximately 147,535 SOL, which at the current rate is valued at $11.1 million.
It is worth noting that SOL is currently trading near $75. Over the past day, the dynamics are minimal; over the past month, there is a decline of about 1%; however, since the start of the year, the altcoin has lost about 39%, and over the last 12 months, the drop reaches 59%. This means that the current price is approximately 74% below the January 2025 high.
Mixed Signals
The market picture remains ambiguous. On the one hand, on-chain indicators in mid-August turned toward a bearish scenario: net exchange inflows increased, and trading volume on decentralized platforms remains nearly 80% below the April peak. On the other hand, institutional capital 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.
My comment: The return of this whale is an important signal, but not a panacea. Given its history of successful entries at the bottom, buying at current levels may indicate the formation of a local bottom, but macroeconomic uncertainty and weak spot demand warrant caution. Until SOL firmly establishes itself above key resistance levels, it is premature to talk about a reversal.