A remarkable development took place in the Solana ecosystem on Monday. A clever Solana whale made a huge profit by selling $44 million worth of SOL. On-chain data shows that the whale previously collected 0.5 million SOLs and is now putting some of these assets up for sale. Additionally, this massive sale attracted the attention of market observers. However, the whale still held a large amount of SOL, raising hopes that the price could rise further in the future.
Whale Sale and Market Reaction
According to Lookonchain data, this huge sale that took place on November 4 attracted attention. Whale earned $43.96 million by selling 265,070 Solana (SOL) on the Binance exchange. This whale purchased 500,862 SOL between August 7 and October 23, 2023. At that time, the value of these purchases was $11.81 million, but now these assets have reached a value of $81.14 million. This means incredible profit for the whale.
Additionally, the whale still has $24.72 million worth of JitoSOL and 126,631 SOL ($20.58 million) in his wallet. The moves of the whale, whose total profit reached 87 million dollars, created optimism for Solana’s general market outlook. These developments attracted the attention of investors and increased interest in the SOL price.
Will Solana Price Rise Further?
SOL price has followed a fluctuating trend in recent days. Today, it is trading at $162, down 0.5%. Intraday lows and highs were recorded at $158.14 and $164.71. Although the market has been volatile, SOL’s monthly chart shows a 12% increase. This upward trend indicates that the price could potentially rise further.
According to analysts, Solana price indicates that the current price level is still “cheap”. This analysis is based on SOL trading 37% below its peak of $260.06. Experts say that this indicates that the price may rise even further. However, Coinglass data makes future moves more complicated. SOL’s futures open interest (OI) fell 7.55% in the last day to $3.02 billion. Crypto enthusiasts are closely following how the price will shape in light of these statistics.
Solana Will Fall But…
As we reported as Kriptokoin.com, analyst Benjamin Cowen stated that Solana (SOL) may not repeat its performance in October. Cowen suggested that the SOL/BTC parity may decline this month and said:
I think SOL/BTC will drop in November/December and recover in early 2025.
Meanwhile, data from Santiment shows a positive funding rate. This indicates that there are more long positions (buyers) than short positions (sellers) in the market. In contrast, a negative funding rate indicates that the market is dominated by short positions. The current reading reflects investors’ expectations that the Solana price will increase in November.
