Hyperliquid Whale Opens $26.97 Million Solana (SOL) Long at 10x Leverage

Whale Puts $26.97 Million Into Solana

A whale on Hyperliquid who surrendered a $10.5 million Ethereum long on Saturday has wasted no time re-entering the market, this time with $26.97 million riding on Solana (SOL). On-chain analytics account Lookonchain, which tracks the trader's wallet, reports that the account had strung together ten consecutive winning trades worth $6.32 million before one losing ETH position, held for roughly nine days, erased the entire run. The profitable trades mostly lasted minutes or hours; the loser ran more than twice as long as any of them and was closed about eight hours before the on-chain report. The account now sits $4.17 million down on closed trades. Rather than stepping away, the whale rotated straight into a fresh bet, opening a 10x leverage long that functions as an aggressive margin trading position on a rebound. The position holds 383,265 SOL at an average entry price of $70.49. Perpetual futures data puts the liquidation price near $36.82, roughly 48% below where the Solana price stood at $70.27, itself down 20.94% over the past week. Even at that entry, the trade carries unusually deep room: Solana (SOL) would have to fall about 48% before forced closure, a cushion far wider than this week's decline. On the upside, a move toward $85 would add roughly $5.6 million in unrealized profit, which on its own would cover the $4.17 million deficit left by the Ethereum loss and put the account back above water.

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Analysts Split on the $70 Floor

The timing pulls the whale directly into a market that is still shedding leverage. Market data shows SOL fell 7.21% in the 24 hours through Sunday's report, the steepest drop among the 10 largest coins, and our live monitoring shows the token down a further 3.6% over the past day. Derivatives data recorded about $1.97 billion in crypto liquidations across the market in 24 hours, of which $88.23 million hit Solana (SOL). The spot side adds its own drag: fund-flow records show spot Solana ETFs have shed $138.3 million without a single day of net inflows since October 21. Named traders diverge on what comes next. Michaël van de Poppe argues SOL now trades unusually far below its 21-day moving average and that prices could still sweep lower before any bounce, which he expects to meet resistance at $85 to $90. Crypto Patel published a harsher map, writing that his Wave C scenario has played out with SOL reaching the $70 region and that this level must hold; if it fails, he would accumulate near $30, a target that sits below the whale's liquidation price. A month ago, he noted, the conversation centered on $200 to $300 targets after SOL crossed $120, a bull market framing that has since collapsed. Both the $85 resistance zone and the $70 floor sit inside the broader support and resistance levels traders are watching on Solana right now.

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For our desk, the structure of the new position shows how much damage one trade did and how far Solana must travel to repair it. The whale needs a rebound toward $85 simply to cover the $4.17 million hole, a level van de Poppe already flags as resistance. The 48% buffer to liquidation is generous against this week's slide, but not against Patel's $30 accumulation scenario, which would erase the position outright. The trade also reads as a leveraged wager that the drawdown has run its course, taken into a tape where ETF outflows have not paused since October 21 and where a spot-accumulating trader who is buying current levels calls them practically free money. Those are opposite answers to the same question, and the $36.82 liquidation line will decide which one was right.