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A whale recently sold $3.86 million in Solana at a its latest price peak, sparking speculation of a potential top.
Solana (SOL) has emerged as the standout performer among large-cap altcoins today, demonstrating notable momentum. At the time of reporting, Solana’s price reached $164.68, marking a 4.40% increase within the last 24 hours and a 7.72% rise over the past week.
This upward trajectory aligns with broader market trends, positioning Solana as a favored choice for traders. Notably, smart money has actively influenced recent SOL movements, with a major whale maneuvering his holdings to capitalize on this trend.
Smart Money’s Strategic Pattern
Lookonchain, a smart money tracker, recently reported that a prominent whale sold 22,726 SOL worth $3.86 million. This move aligns with the whale’s typical pattern—buying at low levels and selling during price peaks. The whale currently holds 20,000 SOL, amounting to $3.33 million, while his total profits exceed $2.5 million.
A smart whale sold 22,726 $SOL($3.86M) at a price peak 3 hours ago.
This smart money always buys $SOL at low prices and sells at highs.
He currently holds 20,000 $SOL($3.33M), with a total profit of over $2.5M!https://t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24
— Lookonchain (@lookonchain) October 21, 2024
The whale made purchases during Solana’s early uptrend between November and March, starting with a purchase of 6,187 SOL at lower levels, followed by additional buys of 3,399 SOL and 259 SOL. A smaller acquisition of 155 SOL also took place at a peak.
The mid-year period from May to June saw notable volatility. The whale made a 2,300 SOL purchase when prices dipped below $150. Subsequently, as prices rebounded, the whale initiated selloffs, starting with 2,300 SOL and scaling up to 10,000 SOL.
A significant buy of 24,517 SOL during a dip suggested a renewal of accumulation, followed by an 1,891 SOL purchase as prices rebounded. However, a subsequent sell-off of 26,407 SOL marked further profit-taking as prices climbed higher to reach the peak.
Increased Activity During Summer
The summer months (July to August) saw a surge in trading activity. The whale made a major accumulation of 37,445 SOL at lower levels.
As September and October unfolded, the whale continued to display interest in buying dips, with a smaller purchase of 5,281 SOL during a minor dip. This was followed by the most recent sell-off of 22,726 SOL as prices surged past $166.
Growing Activity on Solana Network
Parallel to the price dynamics, Solana’s network activity has seen major growth. Recent analysis by Miles Deutscher shows a steady rise in daily active addresses over the past three months, peaking at 6.2 million by early October.
Transaction volumes also saw a corresponding increase, with the daily count reaching 45.2 million in October. This rise in network usage has contributed to a gradual increase in transaction fees, which reached $2.3 million by mid-October.