Solana’s price shows strength at $70, but whale exit sparks bigger fears

Heavy deleveraging in a choppy market can often turn bullish if the impact remains limited.

Right now, Solana’s [SOL] price action is showing a similar setup. One analyst pointed out that Bitfinex whales have closed massive long positions, meaning these whales have cut their bullish exposure and exited their SOL longs.

Despite this liquidity influx, SOL continues to chop around $70, showing strong underlying strength. 

The setup becomes even clearer when looking at liquidation data. According to CoinGlass, Solana started August with $16 million+ in long liquidations, the biggest daily wipeout of bullish positions in nearly a month.

Meanwhile, short liquidations were around $187k, meaning long liquidations were 85x higher than shorts.

Taken together, Solana’s liquidation event and its ability to hold key levels point to a potential bullish setup. 

The logic is simple: When too much leverage gets wiped out, it often clears excess risk from the market. With overleveraged longs flushed out, SOL could have room to recover if Spot demand returns.

In this context, Bitfinex whales cutting their SOL longs could be part of this reset, allowing SOL to stabilize and potentially bounce from the $70 support zone.

That said, one analyst pointed out that despite the shakeout, Solana’s spot demand is still weak, with muted ETF flows showing that buyers remain cautious. This raises the question: Are Bitfinex whales simply resetting leverage, or are they positioning for more downside for Solana?

Solana price holds strong, but whale exit warns of risk

Zooming out, Solana’s whale exit may reflect broader market concerns.

According to the Kobeissi Letter, crypto is entering a critical macro week with key economic data releases ahead, starting with manufacturing data and ending with July’s jobs report on Friday.

With September FOMC rate hike odds recently climbing toward 60%, these releases could set the tone for the next market move. 

As a result, markets are preparing for tighter liquidity conditions heading into late Q3 and Q4. However, crypto liquidity is also starting to weaken. As the chart below shows, July marked the third straight month of net stablecoin outflows, highlighting declining liquidity across the market. 

This naturally puts Solana’s whale exit in a bigger context.

The logic is simple: Solana’s price volatility, soft Spot demand, and long liquidations are lining up with an uncertain macro backdrop, increasing the risk of a breakdown below the $70 support zone.

In this context, Bitfinex whales cutting their SOL longs could signal growing caution among large players.

Moreover, with other high-cap assets showing similar weakness, these exits could be more than just a “Solana-specific” move. Instead, they may hint at rising risk across the broader crypto market. 

Final Summary

• Solana is holding near $70 despite whale long closures and heavy liquidations.
• SOL faces bigger risks as tighter liquidity, stablecoin outflows, and macro uncertainty suggest whale exits could signal broader crypto weakness.