A Solana whale has made $2.5 million from his crypto strategy amid recent market growth. Crypto whales can reshape their holdings depending on market swings. The latest transaction has created a buzz within the crypto community as many traders set their sights on more holding strategies.
Solana Whale Makes Huge Profit
According to data from on-chain tracking firm Lookonchain, a crypto whale sold 26,726 SOL worth approximately $3.86 million amid the market growth. This sale follows other traders’ moves to profit from their altcoin investments. Some traders sold their assets after months of hodling as the prices moved closer to Q1 2024 levels.
Despite the recent sale, the crypto whale holds 20,000 SOL worth about $3.3 million and makes a total profit of $2.5 million from his strategy. Amid the buzz in the market, many users point to the whales creating good strategies for different cycles. This set of traders typically holds assets for long periods before raking in profits.
Similarly, other crypto whales have followed the same path as the Solana whale. From Bitcoin to Ethereum and meme coins, traders have reshuffled their portfolios to notch profits while holding on to assets ahead of the United States Presidential elections. Recently, a crypto whale sold 7,200 AAVE, making a profit of 883k, and withdrew $21.7 million worth of Ethereum from Binance.
Traditionally, market watchers can spot industry trends from movements into crypto exchanges and their subsequent sale. Flows into centralized exchanges portray an imminent sale during bullish cycles, while exits into other custody options point to a long-term holding strategy. This is due to the ease of a sale in a centralized crypto exchange.
Market Resurgence Drives Sale
This month, crypto prices have jumped across the board, leading to bullish interest while some traders look to take profits. Bitcoin’s price stands at $72,049, while altcoins notched similar gains as the October momentum surges. Solana has been up 8% in the last seven days, outpacing other crypto assets in the top 20 by market capitalization except Dogecoin.
Market bulls have picked up gains based on positive sentiments about the U.S. election. The November polls have seen candidates become pro-crypto, paving the way for market clarity to boost innovation. Policy rate cuts also affect price growth as funds flow to risky assets.
