Solana whale bets $8 mln on SOL as price trades near $88 – Is $90 next?

Solana has held above $80 for thirty consecutive days, signaling a market stuck at a decision point. Even more so, the altcoin has shown strong momentum, rising to a local high of $89. 

As of this writing, Solana traded at $88, up 5.8% on the daily charts, adding to its 4% weekly gains, reflecting strengthening momentum. 

With Solana seeing renewed upside momentum, whales are stepping in, anticipating a continued uptrend.

Solana whale opens an $8 million long

According to Onchain Lens, a whale deposited $4.1 million into HyperLiquid and opened a 92,161 SOL (2x) long position valued at $8 million.

This whale had stepped back from the market, remaining dormant for three years. The comeback signals a shift in investor confidence, especially from large market participants.

This shift indicates a broader market positioning from high-net-worth investors, including institutions. 

According to CoinGlass, both Options Volume and Open Interest have risen, indicating this market shift. Options Volume rose 28% to $10.7 million, while Open Interest rose 7% to $5.25 billion. 

When these two metrics rise in tandem, it suggests that traders have deployed significant capital into opening new positions. 

Meanwhile, it seems the positions being opened are mostly long ones. The altcoin’s Long/Short Ratio jumped to 1.04, with the Binance Top Trader accounts-to-positions ratio surpassing 2, a clear market dominance.  

This suggests that most traders are aggressively bullish and expect prices to rise in the short term.

Can Futures demand boost SOL?

Solana has shown strong upside momentum, especially driven by increased demand in the Futures market. Looking at the Relative Strength Index (RSI), this momentum indicator made a bullish crossover and rose to 60.

At current levels, the RSI suggests that buyers have taken over the market and effectively displaced sellers. Often, when buyers re-enter the market, they absorb the pressure that usually precedes higher prices.

In fact, the Future Grand Trend signaled a possible continuation of the uptrend. Therefore, if current market conditions persist and bulls maintain their positions, SOL could flip $90 and target $95, especially if the current momentum holds.

Despite the outlook, if activity on the Futures side remains mere speculation, we could see the trend collapse shortly. If it happens, Solana is likely to lose the $86 support level and drop towards $84, where the upside started.

Final Summary

• A Solana whale deposited $4.1 million into HyperLiquid and opened a 92,161 SOL (2x) long position valued at $8 million. 
• SOL extended its bullish streak, rising 5% to a local high of $89 as bulls eye a move above $90.