A Hyperliquid whale closed a $10.5 million loss on an Ethereum long position after holding the trade for approximately nine days. The losing trade eliminated profits from 10 consecutive winning positions that had generated $6.32 million combined, leaving the trader $4.17 million down overall on closed trades.
Rather than stepping back, the trader immediately rotated into a new leveraged bet, opening a 10x long position on Solana (SOL) worth $26.97 million at an average entry price of $70.49. The position consists of 383,265 SOL tokens.
Liquidation Threshold and Market Context
The SOL long would face liquidation if the price falls to approximately $36.82, representing a 48% decline from the entry price. At the time of the position opening, SOL had fallen 20.94% over the prior week.
SOL experienced one of the steepest declines among major cryptocurrencies, dropping 7.21% in 24 hours and falling significantly below its 21-day moving average. The broader market saw $1.97 billion in crypto liquidations over 24 hours, including $88.23 million specifically in SOL positions.
Analyst Perspectives
Analyst Michaël van de Poppe noted that SOL's position relative to its 21-day moving average appeared unusually depressed, with potential resistance levels at $85 to $90 if a bounce occurs. Crypto Patel offered a more cautious view, stating that the $70 region represents critical support, with potential accumulation targets near $30—a level below the whale's liquidation price.
A rally to $85 would add approximately $5.6 million in paper profit to the position, which would cover the $4.17 million deficit from the Ethereum trade.
Wider Market Pressures
Spot SOL ETFs have experienced outflows alongside broader crypto ETF weakness, shedding $138.3 million without recording a single day of net inflows since October 21. This backdrop reflects sustained selling pressure in the market.
