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A whale trader is betting big on Solana (SOL) after recently closing positions on Bitcoin (BTC) and Ethereum (ETH). This demonstrates that the whale is optimistic about an imminent breakout for the SOL coin.
Whale trader demonstrates confidence in Solana
As spotlighted by on-chain data analytics platform Lookonchain, a whale investor has gone bullish on Solana.
This trader, with wallet address 0xc2a3, sold out of bullish bets on Bitcoin and Ethereum. This happened just a day after adding more to Bitcoin longs, increasing their stash to 2,186.34 BTC.
On the same day, the whale opened a 10x long on Solana. With this move, the whale likely anticipating short-term weakness or consolidation of BTC and ETH.
In the latest transaction, the whale increased their SOL long position, accumulating 501,775 SOL, valued at approximately $99.65 million. This marks one of the largest single-asset long positions opened for Solana.
According to Lookonchain, the smart whale has earned a reputation for a 100% win rate. This means that every closed trade has been profitable, with total realized profits now surpassing $16.5 million over the past few weeks.
These wins come from leveraged perpetual futures trading on decentralized exchanges like Hyperliquid.
The trader uses a high-leverage long position strategy on majors like BTC and ETH, often timed around market dips or rallies. They avoid shorting and focus on spot accumulation during uptrends.
What's happening with Solana?
The latest whale positioning coincides with improvements in the price of SOL. In the past 24 hours, SOL has outperformed both Bitcoin and Ethereum in price surge, driven by ecosystem growth.
While the value of BTC and ETH decreased by 2.14% and 2.8% respectively, SOL surged 0.9% within the same period. Additionally, SOL's daily trading volume increased by 4% to $7.06 billion.
The ongoing momentum is tied to ecosystem developments such as the launch of a Solana exchange-traded fund (ETF).
Notably, Grayscale finally launched its SOL Trust ETF (GSOL) today, Oct. 29, 2025. The fund, which is Grayscale's first staking fund, is now trading on NYSE Arca.
This launch comes just a day after Bitwise debuted its record-breaking SOL ETF (BSOL). The ETF started strong, recording the highest day one trading volume of any launch this year.
Beyond the ETF space, Solana is gaining attention in the global financial sector. A recent report revealed that Western Union is preparing to enter the stablecoin race with a Solana-based dollar-backed token.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team