A significant whale has taken a $7.5 million position in Solana (SOL) by opening a 78,000 SOL long position with 3x leverage. According to reports from AMBCrypto, this whale's position has a liquidation price of $36.05, and with SOL retracing, the whale's position is already down $114,000. The decision to go long reflects growing optimism as the trader expects prices to rise further, demonstrating increased confidence in the altcoin's potential.
Derivatives market participation has experienced a significant surge, with volume up 111% to $14.5 billion and Open Interest (OI) edging higher to $6.3 billion. As reported by AMBCrypto, traders on Binance are particularly bullish, with the Long Short Ratio averaging 1.1 as of writing. However, the overall ratio remained below 1 at 0.98, suggesting most traders are still shorting the market, indicating a mixed sentiment among participants.
Solana's technical indicators show strong bullish momentum, with the Relative Strength Index (RSI) rising to 72 and then dropping to 68 at press time. According to AMBCrypto, the RSI at these levels suggests buyers have continued to defend higher price levels, strengthening upside momentum. The Chande Momentum Indicator rose to 69, validating strong bullish pressure. These combined indicators suggest SOL's upside momentum is strong and driven by buyers, with the altcoin trading at $95, up 1.02% on daily charts and adding to its 11% weekly gains.
The technical analysis indicates that if current conditions hold, SOL will make further gains and may target the next resistance at $100. As reported by AMBCrypto, for this bullish outlook to hold, SOL must hold $95; failure to do so will see SOL drop below $90 again. The altcoin has shown strong upside momentum in May, jumping from a low of $83 to a high of $97 for the first time since May, before retracing slightly to current levels.
