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In recent hours, a bearish bet has emerged for the seventh largest cryptocurrency by market cap, Solana (SOL), even as the broader crypto market declines.
According to Lookonchain, a crypto whale has turned extremely bearish on Solana. In recent hours, the whale called "0x9137" opened a 20x short on 554,680 SOL worth $38.15 million.
"A whale is extremely bearish on SOL. One hour ago, whale 0x9137 opened a 20x short on 554,680 SOL ($38.15M)," Lookonchain reported.
The whale's decision to go short Solana comes amid an ongoing market selloff which has seen over $665 million in liquidations.
The crypto market fell on Tuesday as investors awaited key inflation data due later in the week. May’s reading on the personal consumption expenditures price index, the Fed’s preferred inflation gauge, is expected to be released on Thursday.
Altcoins saw bigger losses with Solana falling nearly 8%. At the time of writing, SOL was down 7.76% in the last 24 hours to $69, ranking among the biggest losers among the top 10 cryptocurrencies by market cap, save for Hyperliquid, which was down 9.17% in the same timeframe.
According to Ali, a crypto analyst, Solana's price drop comes as it ran into heavy resistance near $75.
Solana welcomes major developments
Solana has welcomed significant developments since the week's start, but this has however, failed to lift price.
In an announcement today, South Korea’s KG Inicis, a major payment platform that moves over KRW 25 trillion a year, is set to bring stablecoin payments to Solana.KG Financial signed a parallel strategic MOU with Solana Foundation. Together, the two will combine their payment infrastructure and merchant networks to bring digital asset payments onchain.
Allfunds, which connects over 3,300 asset managers and close to €1.8 trillion in assets under administration, is expanding tokenized funds to Solana.
MoneyGram has joined Solana Developer Platform (SDP) as an infrastructure partner and is now an active validator on Solana.
U.Today Editorial Team
Dan Burgin
