A newly created wallet has deposited 8.43 million USDC and begun executing a time-weighted average price order to build a 500,000 SOL leveraged long position worth approximately $22.78 million, according to on-chain analytics firm Lookonchain. As of the tracker's latest update, 199,838 SOL, worth roughly $15.2 million, had already been filled, with the remaining portion of the order still working through the market.
The Lookonchain post identified the wallet by its address and noted the position was opened with 20x leverage, a level of risk that leaves the trade vulnerable to liquidation on a relatively small adverse move in Solana's price. The use of a TWAP order — which splits a large trade into smaller pieces executed over time — suggests the wallet's owner is deliberately managing market impact rather than attempting to enter the full position at once.
A Familiar, High-Risk Playbook
Large leveraged SOL positions of this kind have become a recurring feature of Solana's derivatives market this year. A comparable trade in July saw a newly funded wallet open a 20x leveraged long worth 230,583 SOL, valued at roughly $18.81 million, which generated more than $818,000 in unrealized profit within a day before its liquidation price of $67.14 became the key level to watch. At 20x leverage, a position's liquidation threshold typically sits within a 3-5% adverse price move from the entry point, meaning a swing that would be unremarkable for spot holders can wipe out a leveraged position entirely.
The venue itself, Hyperliquid, has become one of the most closely watched platforms for this kind of large, anonymous derivatives activity, in part because its on-chain order book makes positions like this one visible to trackers such as Lookonchain in near real time — a transparency that doesn't exist on most centralized exchanges.
What a Position This Size Signals
Whale-sized leveraged bets don't necessarily predict where Solana's price will go, but they do tend to draw attention because of the outsized effect a forced liquidation can have on short-term price action. A large long position unwinding involuntarily can accelerate a decline, while one that survives a volatile stretch and gets closed profitably often coincides with — and can contribute to — a broader rally. With roughly 40% of the intended position still unfilled at last check, the trade's ultimate size, and the price levels at which the remaining SOL gets bought, will determine how much additional influence it has on the token's near-term trading range.
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Lookonchain has not indicated a specific liquidation price for the new position, but given the 20x leverage and the size already filled, traders tracking Hyperliquid's order flow are likely to watch the wallet closely for signs of further additions or an early exit.
