An anonymous trader, using the wallet address 0x89Da, reportedly opened a long position worth a massive $42.3 million, long position on Solana (SOL), equivalent to approximately 238,909 SOL tokens, in recent hours.
According to Lookonchain, which has been tracking the moves, this trader has a proven track record of about an 86% win rate across 14 trades executed over the past 20 days, accumulating over $2.9 million in profits. Currently, the trader has over $409,245 in unrealized profit after placing its entry at $176.237.
At the time of writing this report, SOL is 177.60. That is 9.63% in gains. The profit was at $189,449 at the time Lockonchain posted
Meanwhile, SOL trading activity is up 15%, that’s about $5.8.3 billion recorded over the same period, with $95.63 billion in market cap, according to CoinMarketCap.
Moreover, about $31.55 million in total was liquidated from positions on Solana over the last 24 hours. According to Coinglass, $26.73 million of that was from long positions, while $4.83 million was from shorts.
Liquidations occur when leveraged positions are automatically closed due to insufficient margin, often indicating periods of high volatility or a “flush out” of over-leveraged traders. The higher liquidation volume for long positions suggests a recent upward price movement that caught some leveraged short-sellers but also indicates some long positions were overextended.
Also Read: ARK Invest Partners SOL Strategies for Solana Staking
