A certain whale is using 20x leverage to go long on SOL, with unrealized gains on the books. What does this imply behind the scenes?

According to the latest news, a whale took a long position on 70,000.58 SOL at 20x leverage on January 7th (approximately $9.74 million), with an average entry price of $137.28. This trade occurred during an upward trend in SOL and is currently showing unrealized gains on the books. Behind this large leveraged long position, it reflects both the whale’s optimistic outlook on SOL’s short-term movement and the risk hidden in high-leverage trading.

Entry Timing and Price Position

The average entry price for this position was $137.28, while SOL’s current price is $139.13, resulting in an unrealized gain of about 1.35%. Although the profit margin appears modest, under 20x leverage, this means an unrealized profit of approximately $131,000.

From a time perspective, the whale chose to enter during SOL’s rising phase. According to the latest data, SOL has recently performed steadily:

• Up 10.63% in the past 7 days
• Up 1.05% in the past 24 hours
• Up 0.25% in the past 1 hour

This indicates that SOL is in a sustained upward trend, and the whale’s entry was relatively precise, catching a relatively low point during the ascent.

Risks of Leveraged Trading

20x leverage is a double-edged sword. The risk indicators for this trade require close attention:

Key risk points

• A 1.35% price decline would completely wipe out unrealized gains, leading to account losses
• A roughly 5% price drop could trigger forced liquidation risk
• High leverage amplifies any small fluctuations by 20 times
• Sudden market sentiment shifts or unexpected negative news can cause rapid liquidation

Such high-leverage longs typically represent aggressive attitudes from whales but also indicate they are psychologically prepared for short-term risks.

Market Sentiment and Bull-Bear Divergence

From related information, the current whale movements show clear divergence:

Bullish camp

• This SOL 20x leveraged long position
• A whale added ETH and BTC long positions, with unrealized gains exceeding $3.5 million
• The whale holds full leverage long positions across multiple assets

Bearish camp

• A whale shorted 358.85 BTC at 40x leverage (around $33.24 million)
• The “steadfast short ZEC” whale has again positioned for shorting
• A whale is betting on BTC correction with 40x leverage

This divergence between bullish and bearish positions reflects the current market’s complex sentiment: some whales are adding longs with optimism, while others are hedging risks with shorts at high levels. SOL, as a relatively strong asset, has attracted bullish attention.

Market Context Supplement

SOL currently ranks 6th by market cap, with a 24-hour trading volume of $547 million. This $9.74 million long position is not particularly large in the market, but considering the amplification effect of 20x leverage, its actual impact on the market is magnified.

SOL’s circulating supply is 617,819,791 tokens, which are unlimited supply tokens. This implies long-term inflation pressure, but in the short term, market liquidity remains ample.

Summary

This whale’s long position reflects market optimism about SOL’s short-term trend, with relatively precise entry timing. However, the high-risk nature of 20x leverage means this is not a conservative trade but a short-term risk game.

The key points are threefold: First, whales are adding high-leverage longs during SOL’s upward trend, reflecting optimism; second, unrealized gains are present but with significant hidden risks—small pullbacks could trigger risks; third, market sentiment shows clear divergence, and SOL’s future movement requires close observation. For ordinary investors, such whale movements can serve as a reference for market sentiment, but high-leverage trading itself is not recommended for replication.