A dormant Solana whale that generated over $20 million in profits in 2023 has resurfaced after more than two years of inactivity. According to blockchain tracker Lookonchain, the wallet purchased 47,535 SOL worth $3.6 million, marking its first activity since the substantial profit-taking in late 2023. The whale, identified as wallet address GvHYQQ, had remained silent for over two years following its successful trading strategy during the previous bull cycle. Importantly, the whale purchased Solana rather than transferring existing holdings into an exchange, representing fresh demand within the market rather than potential distribution.
The whale's original 2023 strategy involved accumulating 291,790 SOL for $6.82 million during the August and October market dips, averaging $23.37 per token. As reported by Lookonchain, SOL began its climb in late 2023 following these purchases. The whale then sold 191,789 SOL for $24.62 million at an average price of $128.36, successfully locking in more than $20 million in realized profits. According to Arkham data, the wallet still holds approximately 100,000 SOL from its original 2023 position.
The fresh purchase brings the whale's total position to approximately 147,535 SOL, valued at close to $11.1 million at current prices. According to Lookonchain, SOL is currently trading near $76.07, showing technical strength within the Bollinger Bands with upper resistance at $76.14 and lower support at $74.85. The altcoin's technical indicators show EMA50 at $75.53 and EMA200 at $75.78 providing resistance, while MACD golden cross at 0.03 signals building momentum against neutral RSI 48.1. The whale's renewed accumulation reinforces the wallet's renewed buying trend, with the most recent acquisition reinforcing the wallet's renewed accumulation strategy.
The current market environment presents a mixed picture for Solana, with Binance's top traders showing a definite buying bias for long exposure. The derivatives positioning data confirms this trend, as long accounts represented 71.84% of total positions while short accounts accounted for only 28.16%, resulting in a Long/Short Ratio of 2.55. The positioning suggests that bigger traders at Binance have been bullish on SOL while the token consolidated around technical levels. However, the volatile macro and geopolitical backdrop continues to influence market sentiment, making the whale's second-time bet on SOL an open question. Meanwhile, liquidation liquidity is concentrated closely around SOL's current market price, creating potential attraction zones on both sides of the range.
Solana faces immediate resistance around $78.03, with price action repeatedly encountering this level. A higher push above $78.03 may create space for a move towards the higher $83.98 resistance level, while renewed selling might push SOL back up to $74.53. The DMI still reflects a narrow bearish advantage, with the -DI at 18.5574 slightly exceeding the +DI reading of 17.5755. The weak ADX at 8.4835 indicates directional strength remains weak, keeping the immediate breakout unresolved. The proximity of both liquidation clusters increases the importance of whichever side gains directional strength first, with whale demand and long positioning currently favoring buyers despite the mixed technical signals.
