A Giant Whale on Solana Holds a 20x Long Position: Total $75 Million!

A Solana (SOL) whale is preparing to pocket millions in profit with a massive leveraged trade.

Cryptocurrency data analysis platform Lookonchain announced that a giant investor with the address 0xa04a opened a position with approximately $75.7 million by holding 459,703 Solana (SOL). This whale, using 20x leverage, opened its position at $151.04 and has already made over $6.3 million in unrealized profit with the current price of $164.82.

With the recent record-breaking highs of Bitcoin (BTC), the crypto market is on the rise, and Solana is also benefiting from this positive trend. SOL has caught the attention of major investors with its rise in the last 24 hours. The positions of whales in SOL are critical for understanding investor sentiment.

Whale's liquidation risk

High-leverage positions come with great rewards but also significant risks. The liquidation price for this whale appears to be $132.69. In the event of a drop to this level, the investor could face millions of dollars in losses. However, with the current upward momentum, this scenario seems distant for now.

Cryptocurrency investors need to monitor the SOL price more closely in the coming days. Such large positions can lead to sharp movements in the market.