A trader has just executed a Solana (SOL) short position worth 16 million USD on the decentralized exchange Hyperliquid, according to on-chain data tracked by Lookonchain. Specifically, this trader deposited 1.21 million USDC into Hyperliquid and used leverage up to 20 times to open a short SOL position at a price of 164.9 USD.
The total volume of this short position reaches 97,500 SOL, equivalent to approximately 16 million USD at the current market price. The liquidation price of the position is set at 172.96 USD — meaning if SOL's price rises above this level, the trader risks having their entire margin asset liquidated.
This move occurs in a context of high cryptocurrency market volatility. Specifically, Bitcoin's price has just surged past 104,000 USD, while ETH's price has jumped 25% to 2,400 USD.
Also Read: Ethereum (ETH) Price Rises 25% After Pectra Upgrade, Marking the Largest Daily Increase Since 2021
