A prominent cryptocurrency whale identified as "0x913" has increased its 20x leveraged short position on Solana (SOL) to 624,700 tokens, valued at approximately $43.4 million as of June 24. The liquidation price for the position is set at $82.84, according to blockchain monitoring service Onchain Lens.
The move signals a bearish bet on Solana, as the whale expands an already substantial short position using high leverage. The position size now represents a significant commitment against the token, which has seen volatile price action in recent weeks. The liquidation price at $82.84 suggests the whale expects SOL to stay below that level to avoid forced closure.
Market Context and Risks
The whale's increased short comes amid broader market uncertainty, with traders closely watching macroeconomic factors and regulatory developments. Solana, like many altcoins, has been sensitive to shifts in sentiment around the Federal Reserve's interest rate stance and the overall crypto market direction. High-leverage positions carry elevated risk, as even minor price movements can trigger liquidations and amplify losses.
Onchain Lens did not disclose whether the position was opened on a centralized exchange or decentralized protocol, but such large shorts often attract attention from other market participants. The $82.84 liquidation price provides a clear threshold: if SOL rallies above that level, the whale could face forced buybacks, potentially adding upward pressure on the token's price.
Whale Activity and Market Impact
Large whale positions can influence market dynamics, especially when they are highly leveraged. Traders may monitor the wallet for further changes, as adjustments to the position could signal shifting expectations. The SOL short is one of several notable whale moves in recent days, reflecting ongoing speculative activity in the crypto space.
As of the report, Solana's price was trading below the liquidation threshold, but the gap remains narrow, making the position sensitive to any sudden price spikes. The whale's strategy will be tested by market volatility and broader crypto trends in the coming days.