Whale Bets Big Against Solana with Massive $16 Million Short Position

A significant move in the crypto derivatives market has been made as a whale leveraged a position of 97,500 SOL to short the Solana token at a price point of $164.9. This trade is valued at $16 million, and it utilized 20x leverage on Hyperliquid with $1.21 million USDC. The trade carries significant risk as its liquidation point is set at $172.96, meaning if SOL rises above this level the position could be liquidated, resulting in losses for the trader.