A dormant Solana whale has returned to the market after more than two years of inactivity, buying 47,535 SOL worth approximately $3.6 million, according to on-chain analytics platform Lookonchain. The same wallet previously realized more than $20 million in profit by selling 191,789 SOL at an average price of $128.36.

The new purchase arrives as SOL trades near $75, with spot market flows showing alternating periods of buying and selling pressure in recent sessions.

Whale Returns After Two Years

According to Lookonchain, wallet GvHYQQ bought 291,790 SOL in a series of purchases between August and October 2023. Those purchases cost about $6.82 million in total, giving the whale an average price of $23.37 per token.

SOL subsequently climbed, allowing the wallet to sell 191,789 SOL for $24.62 million. Those sales were executed at an average price of $128.36, Lookonchain data shows, generating more than $20 million in realized profit.

After more than two years without any activity, GvHYQQ has now bought another 47,535 SOL. Lookonchain valued the latest purchase at about $3.6 million, a transaction that adds to the wallet's previously reported SOL activity and comes as traders continue to watch whether recent spot demand can sustain any broader recovery.

SOL Spot Flows Remain Mixed

The purchase comes as spot market flows shifted between inflows and outflows from August 5 to August 18. The data shows several sharp moves in both directions over the two-week window.

Positive inflows reached roughly $6.0 million to $6.3 million around August 8. In the sessions that followed, SOL rose from the $72–$73 area toward $77–$78.

Several large outflows also appeared during the period. Outflows approached $3.5 million around August 7, August 11, and August 17, while another outflow of nearly $2 million appeared around August 18. The data therefore records alternating periods of capital entering and leaving spot markets, leaving the market near the middle of a short-term range rather than in a sustained directional move.

SOL Trades Around $75

SOL started the period near $74 before falling toward $72–$73 on August 6 and 7. The token then recovered toward $77–$78 around August 9 and 10. Afterward, SOL moved into the $75–$76 range, finding support around $74–$75 before recovering toward roughly $76.

Analyst Crypto Patel identified the $60–$40 range as a preferred accumulation zone and listed $300, $500, and $1,000 as targets. The analyst also asked whether SOL could fall below $60 again within the next four to five years.