Solana Whale’s $29M Bet Targets $229 Amid Futures Overheat
On September 6, a crypto whale deposited $14.53M in USDC on Hyperliquid and opened a $29M Solana (SOL) long at 2× leverage, buying 143,126 SOL. At press time, SOL traded near $202 within an ascending channel bounded by $188 support (23.6% Fib) and $218 resistance (78.6% Fib); extensions point to $229 and $263. On-Balance Volume indicates steady accumulation, while CoinGlass data shows an 85% long bias (long/short ratio 5.66), raising squeeze risks. CryptoQuant’s futures volume bubble signals aggressive positioning in perpetual contracts, often a precursor to volatile reversals. Major liquidation clusters lie below $195 for longs and above $210–220 for shorts, making small moves potentially cascade liquidations. A break above $218 could trigger short squeezes toward $229, but a dip below $195 may spark long liquidations and sharp downside. Overall, strong whale conviction and channel structure support a bullish outlook, though overheated futures and crowded longs increase volatility risk.
Bullish
The large $29M whale long on Solana, coupled with steady on-chain accumulation and a clear ascending price channel, points to strong bullish momentum. Historical parallels show that significant whale entries often precede sustained rallies when supported by volume indicators like OBV. However, the overheated futures market and heavy long positioning create volatility traps—similar to past ETH and BTC corrections—where liquidation clusters can trigger sharp pullbacks. In the short term, breaking above $218 could ignite a squeeze toward $229, while a drop below $195 risks multi-leveraged unwind. Long term, if the market absorbs corrections without cascading liquidations, Solana’s bullish structure and whale conviction could drive continued gains.