SOL: Whale Opens $38.15M 20x Short Position

SOL faces fresh selling pressure after whale 0x9137 opened a 20x short on 554,680 tokens valued at $38.15M, according to on-chain data shared by @lookonchain.

The move arrives while SOL trades at $68.77 on the 4-hour chart, locked in a bearish trend below both the EMA50 at $71.44 and EMA200 at $75.37. Momentum indicators reinforce downside bias: MACD sits at -0.11 after a death cross, and price is probing the lower Bollinger Band support near $69.75 with upper resistance capped at $75.42. RSI at 34.58 remains neutral, leaving room for further downside before any oversold bounce materializes. Over the past six months, repeated tests of the 200-EMA have preceded sharp extensions lower, aligning with the current structure and the whale’s aggressive leverage.