On-chain data reveals a crypto whale made significant profits on Solana (SOL) since 2023, with recent additions to the US reserve boosting its value.
Whale's Success on Solana
Lookonchain's analysis shows that on November 8, 2023, the whale withdrew 200,000 SOL, valued at $8.6 million at the time, from Binance and staked them. Back then, Solana was trading at $43. On November 6, 2024, the whale unstaked 120,000 SOL, worth approximately $22.2 million, and deposited them back to Binance. Currently, the whale holds 98,727 SOL worth over $13.5 million, indicating a profit of over $27 million.
Impact of SOL in US Crypto Reserve
A recent announcement regarding the addition of SOL to the US crypto reserve by President Donald Trump has also significantly influenced the token's value. The announcement on March 2 included SOL along with ADA, XRP, ETH, and BTC, triggering a price surge for all the mentioned coins. SOL's price increased from $140 to over $178, with its market cap reaching $90.3 billion.
Current Solana Market State
As of the article's writing, SOL is trading at $133.5 with a market cap of $67.8 billion. Following Trump's endorsement, SOL initially rose by 20%, but later declined by 19% due to an overall 11% drop in the crypto market triggered by new tariffs on Canada, China, and Mexico, as well as an increased stablecoin supply.
The crypto whale remains a significant player in the Solana market, with recent events further fueling interest in this cryptocurrency amid global changes.
