Solana Falls Back to High $60s as Whale Opens 20x Short Near $69

A large leveraged short positioned at current prices raises the risk of forced selling that could drive SOL through its nearest supports.

Overview

Solana dropped more than 5% to trade around $68–$69 in the latest sessions on Tuesday and Wednesday, leaving sellers in control of the short-term price structure.
On-chain tracker Lookonchain reported a whale opened a 20x short on 554,680 SOL, an exposure of about $38 million entered near $69 that sits close to the market price and can amplify downward moves through liquidations.
Analysts point to an immediate support ladder at $68–$67, then $64 and $60–$58, with a deeper cycle support zone near $55–$40 if the $60 level breaks.
The decisive pivot for a sustainable recovery is the $75–$78 band, where a clean reclaim would open targets toward $85–$90 while rejection there would likely keep the trend weak.
Technical readings show early signs of slowing selling pressure and a reclaim of $70–$72 would ease some downside risk, but SOL remains below the broader $80–$90 zone that would be needed to restore higher‑timeframe trend strength.