bullish

Solana

when

Rise

This Monday, a notable shift occurred in the Solana ecosystem. A prominent Solana whale made headlines by selling $44 million worth of SOL, realizing a substantial profit. On-chain data reveals that the whale had previously accumulated 500,000 SOL and has now partially liquidated these holdings. Despite the major sale, the whale still holds a considerable amount of SOL, sparking optimism that the price may continue to climb. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-51679 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-728x90-1-3.jpg" alt="Whale Activity in Solana: Is the Price Set to Rise or Fall? = The Bit Journal" width="728" height="90" title="Whale Activity in Solana: Is the Price Set to Rise or Fall? 46"></a> 
<h2 id="whale-sell-off-and-market-reaction">Whale Sell-Off and Market Reaction</h2> 
According to Lookonchain data, the massive sale took place on November 4. The whale offloaded 265,070 SOL on Binance, netting $43.96 million. This investor had initially purchased 500,862 SOL between August 7 and October 23, 2023, when their value was around $11.81 million. Today, that holding has appreciated to $81.14 million, marking an impressive gain for the whale. 
The whale’s portfolio still contains JitoSOL valued at $24.72 million and 126,631 SOL worth approximately $20.58 million. With total profits reaching $87 million, these strategic moves have fostered optimism among market watchers and heightened interest in Solana’s price outlook. 
<h2 id="will-solana-s-price-continue-to-rise">Will Solana’s Price Continue to Rise?</h2> 
SOL’s price has shown some volatility in recent days. Currently, it’s trading at $162, down 0.5% today, with intraday highs and lows at $158.14 and $164.71. Although the market remains volatile, Solana has gained 12% over the past month, indicating a possible bullish trend. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-66115" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/Whale-Activity-in-Solana_-Is-the-Price-Set-to-Rise-or-Fall_-with-Solana-SOL-symbol-as-the-main-focus.-A-large-whale-icon.webp" alt="Whale Activity in Solana: Is the Price Set to Rise or Fall? = The Bit Journal" width="1792" height="1024" title="Whale Activity in Solana: Is the Price Set to Rise or Fall? 47"> 
Analysts suggest that Solana’s current level may still be “undervalued,” especially given its 37% discount from its peak of $260.06. However, Coinglass data shows open interest (OI) in SOL futures declined by 7.55% to $3.02 billion recently, which adds complexity to its near-term trajectory. Crypto enthusiasts are keeping a close watch on these metrics to gauge future price action. 
<h2 id="market-sentiment-and-funding-rates">Market Sentiment and Funding Rates</h2> 
As reported by The Bit Journal, some analysts, like Benjamin Cowen, believe that Solana may not replicate its October performance. Cowen suggests the SOL/BTC pair could experience a dip in November/December before rebounding in early 2025. 
Meanwhile, data from Santiment shows a positive funding rate, indicating that long positions (buyers) currently outweigh short positions (sellers). This trend suggests investor optimism about Solana’s price potentially rising in <a href="https://thebitjournal.com/vantard-vs-selfiedogcoin-best-meme-coin-november-2024/" target="_blank" rel="noopener">November</a>. 
With a watchful eye on whale activities and market trends, Solana investors are anticipating what’s next for this volatile asset. The Bit Journal will continue to provide insights as the situation unfolds. 
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Whale Activity in Solana: Is the Price Set to Rise or Fall?

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The Bit Journal

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