A Solana Whale Makes a $29 Million Bet
A whale wallet, identified as 0×560c, has recently made a $29 million Solana bet on Hyperliquid, stirring talks about the network potentially breaking above the $229 level.
The whale purchased 143,126 SOL at $203, which, according to the current market data, translates to approximately $29 million. The move signals a bullish stance, and leveraged positions of this size have previously caused ripple effects across the entire ecosystem.
Solana has performed well recently, with its reputation as a high-throughput and low-cost network constantly growing. Its expanding decentralized finance activity, together with real-world applications across a number of sectors, show that its growth isn’t purely hype-driven.
Over time, SOL has become one of the few major cryptocurrencies with applications that go far beyond speculative trading. Its speed and low transaction fees have made it a foundation for DeFi platforms, making it accessible to smaller traders who might otherwise be shut out.
It has also emerged as one of the most popular cryptocurrencies used in the world of gaming. Online casinos are now accepting SOL and allowing players to make deposits and withdraw their winnings using the popular digital currency. This decreases the transaction costs for both parties and helps move funds from one place to another in a more timely fashion.
Solana is set to see even more real-world applications, with the long-awaited Alpenglow update now approved by more than 90% of stakers. The move will replace legacy consensus mechanisms with votor and rotor, which are supposed to make the network work 80 times faster. The transaction finality will be reduced from 12.8 seconds to just 150 milliseconds, and even sub-100 milliseconds values during ideal conditions.
The powerful technology behind Solana and the Alpenglow update create a compelling case for the digital currency to reach new levels in the near future. Whale moves like the one made by 0×560c further support this idea. This is especially the case because this $29 million bet isn’t an isolated event and more whales have been accumulating SOL recently.
The biggest move came in late August when a single wallet transferred 3.6 million SOL, which translates to $751 million, from Binance to a private address.
Moves like this also reduce circulating supply significantly and impact other movements on the market.
As of now, Solana is trading near $207. Market analysts expect the token to reach roughly $229 within the next two months, which would represent a gain of about 12.3% from its current price. This outlook is largely tied to growing optimism around a potential Solana ETF approval, a development that already pushed the coin up by nearly 25% earlier in July.
Recent moves on the market suggest that investor confidence is also growing stronger. Between whale activity, expanding use cases, and the technical overhaul that will arrive with the Alpenglow update, there’s a lot that suggests SOL could reach the $229 level soon. If momentum continues and Solana does break the projected levels, it could very well position itself as a frontrunner among cryptocurrencies heading into 2026.
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