Examining how THIS Solana whale profited from cashing out
The post Examining how THIS Solana whale profited from cashing out appeared on BitcoinEthereumNews.com.
SOL’s price declined on the charts over the last few days. And yet, compared to last year, the altcoin is priced much higher right now In a major move, a prominent Solana whale recently sold 265,070 SOL worth approximately $43.96 million, capitalizing on a strategic buying spree in 2023. This whale’s calculated timing of both accumulation and profit-taking has raised questions about its potential impact on Solana’s price trajectory. Especially on the broader market sentiment around the altcoin. Solana whale sells over 200,000 SOL This whale initially began accumulating Solana between 7 August and 23 October 2023, when SOL was valued at around $23.6. During this accumulation phase, Solana was trading at a relatively low level following a period of consolidation. Fast forward to November 2024, and Solana’s price has surged to around $162, marking a significant uptrend. By offloading 265,070 SOL at its current levels, the whale effectively capitalized on a multi-month price rally. The strategy highlighted a 600% profit margin from the initial accumulation phase. This calculated approach allowed the whale to secure substantial returns, with their remaining 126,631 SOL now worth approximately $20.58 million. At press time, market sentiment around SOL was cautious and the trading volume was modest. This suggested that the whale’s accumulation did not significantly disrupt the market. Solana volume spike and market impact analysis Analyzing the trading volume revealed an interesting pattern too. Solana’s trading activity increased noticeably around the whale’s selling period, with daily volumes showing a marked uptick. This rise in volume can be seen as a sign of heightened market interest, possibly due to the influence of the whale’s substantial sell-offs. Larger trades by whales can often create ripples in market sentiment. And, the hike in volume could indicate that other investors followed the whale’s actions or reacted to the…
Filed under: News - @ November 4, 2024 10:27 pm