Story Highlights

• A crypto whale withdrew 123,500 SOL worth $20.80 million from the exchange.
• Solana (SOL) appears bearish with a high probability of staying between $160 and $180.
• Traders who hold long positions are over-leveraged at $162.8, holding $145 million worth of long bets.

As the overall cryptocurrency market hints at signs of price recovery, a crypto whale identified Solana (SOL) as an ideal asset and placed a significant bet.

Whale Buys $20 Million Worth Solana (SOL)

Today, February 19, 2025, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a whale wallet address “AA21…VxH9” moved 123,500 SOL worth $20.80 million from Binance.

Based on recent price action and historical patterns, it appears that SOL is bearish, with a high probability of staying between $160 and $180 until it crosses the $190 mark. However, if the bearish sentiment and price decline continue, and SOL falls below the $160 level, there is a strong possibility it could drop another 20% to reach $120 in the future.

Traders’ $145 Million Worth Long Bet

Despite this bearish outlook, traders and investors seem unaffected, as they continue accumulating and betting on the token, according to on-chain analytics firm Coinglass.

According to the data, traders betting on the bullish side are currently dominating the asset, as they are over-leveraged at the $162.8 level and hold $145 million worth of long positions. This over-leveraged level suggests that traders believe SOL’s price won’t fall below this point, which currently acts as strong support.