A $38.4 million leveraged long position on Solana (SOL) has introduced a notable derivatives signal, as the token continues to hold above a key technical level amid rising open interest and sustained trading volume.

SOL, the native asset of the Solana layer-1 blockchain known for its high-throughput architecture and active decentralized finance and decentralized exchange ecosystem, has been consolidating near $76 following its recovery from June lows. The $74.50 level serves as the Bollinger Bands midpoint, functioning as immediate support. The current Bollinger Bands range spans from $71.52 (lower band) to $77.48 (upper band), with the midpoint at $74.50.

Trading above the midpoint suggests residual buyer strength, though SOL has yet to decisively test the upper band. The On-Balance Volume (OBV) stands at 505.08 million, showing modest recent movement and no decisive buyer dominance.

$38.4 Million Whale Long Position

According to a post on X by crypto markets analyst @TedPillows, a whale opened a $38,420,500 SOL long position with 20x leverage. The liquidation price for the position was reported at $61.09.

A whale opened a $38,420,500 $SOL long with 20x leverage. Liquidation Price: $61.09 pic.twitter.com/l4qtypW3eZ — Ted (@TedPillows) August 10, 2026

With SOL trading at approximately $76.20 and holding above the $74.50 Bollinger Band midpoint, the whale's leveraged long represents a significant derivatives market bet. At 20x leverage, the position is highly sensitive to price declines: the reported liquidation price of $61.09 sits roughly 20% below current spot, meaning a drop to that level would force closure of the position and potentially add selling pressure. Large liquidations can cascade through derivatives markets, amplifying directional moves. The upper Bollinger Band at $77.48 remains the immediate overhead resistance.

Rising Open Interest and Trading Volume

Data from CoinGlass shows that Solana's open interest—the total value of outstanding derivative contracts that have not yet been settled—has climbed back toward the $4.9 billion mark, up from approximately $4.5 billion in the recent observed period. Rising open interest combined with relatively stable spot price action indicates growing participation in the derivatives market, which typically precedes larger directional moves once the price breaks from its current consolidation range.

The reported whale position of $38.4 million represents less than 1% of total SOL open interest, underscoring the scale of the broader derivatives market relative to any single large trader. CoinGlass volume figures also remain robust, averaging between $5 billion and $6 billion per day in recent trading sessions. Despite this elevated activity, SOL has not produced a decisive breakout, suggesting that active trading alone has not yet been sufficient to establish a clear trend.

Key Technical Levels

The bullish scenario depends on SOL sustaining a position above $77.48, which could open the path toward the next key resistance at $84.28. Conversely, a drop below $74.50 would invalidate the current pattern and bring the lower Bollinger Band at $71.52 back into focus.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.