Solana Under Pressure? Whale Places $38 Million Short Against SOL

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. 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. Advertisement 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). https://t.co/ruG1FjxaXl pic.twitter.com/WjS6o96vEW — Lookonchain (@lookonchain) June 23, 2026 "A whale is extremely bearish on SOL. One hour ago, whale 0x9137 opened a 20x short on 554,680 SOL ($38.15M)," Lookonchain reported. Advertisement The whale's decision to go short Solana comes amid an ongoing market selloff which has seen over $665 million in liquidations. HOT Stories Ripple Scores Massive MiCA License Win in Europe XRP Tests Recovery Ground, Dogecoin (DOGE) Zero Removal Rally, Shiba Inu (SHIB) Risks Are Up: Crypto Market Review 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. You Might Also Like Tue, 06/23/2026 - 12:29 Privacy to Solana (SOL)? How Can It Make the Network Better? By Arman Shirinyan Advertisement 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. You Might Also Like Mon, 06/15/2026 - 14:00 Big Win for Solana: Major Japanese Exchange Reveals SOL Listing By Tomiwabold Olajide 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. #Solana News #Solana Price Prediction #Solana #SOL News