A Solana (SOL) whale that banked more than $20 million in 2023 has resurfaced after two years, buying $3.6 million in SOL.

Blockchain tracker Lookonchain flagged the purchase. This comes as SOL trades roughly 74% below its January 2025 record high.

Dormant Whale Buys $3.6 Million in Solana After Two Years 

The buy totaled 47,535 SOL. The wallet, tagged GvHYQQ, accumulated in 2023, before SOL began its climb.

It bought 291,790 SOL for $6.82 million across the August and October dips that year, averaging $23.37 per token. SOL then started climbing in late 2023. 

The whale sold 191,789 SOL for $24.62 million at an average price of $128.36, locking in more than $20 million in realized profit. The address stayed silent for over two years afterward.

“Now, after 2 years of inactivity, the whale is buying the SOL dip again,” Lookonchain said.

According to Arkham data, the wallet still holds roughly 100,000 SOL from its original 2023 stack. The fresh buy lifts that position to about 147,535, worth close to $11.1 million at current prices.

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SOL Price Sits 39% Lower This Year

Meanwhile, SOL changed hands near $75. The altcoin has moved little over the past 24 hours. It is down about 1% across the past month. 

The token has shed roughly 39% year-to-date. Over 12 months, the decline reaches 59%. 

The backdrop is split. Several on-chain signals turned bearish in mid-August. Exchange netflows flipped positive, while decentralized exchange volume sat close to 80% below its April peak.

Institutional flows point the other way. Solana ETF inflows climbed to $10.26 million in the week ending August 14, nearly 70 times the prior week’s total.

With the macro and geopolitical backdrop still volatile, whether the bet pays off a second time is an open question.

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Source: BeInCrypto