Whale Operation Details: New Address Heavily Longs SOL
According to on-chain analytics platform Onchain Lens, a newly created address 0xE06 initiated a large-scale long position on SOL on July 2. The address first deposited approximately $2.27 million USDC and 21.14 Bitcoin (worth about $1.27 million at current market price), totaling around $3.54 million in margin. Subsequently, the address opened a 20x leveraged long position for 230,583 SOL, with a total notional position of roughly $18.1 million.
On-chain data reveals that the address still has pending orders for further SOL long positions, indicating strong bullish intent. Meanwhile, it has sold 10.58 BTC, cashing out approximately $652,600, and currently holds 10.59 BTC.
Position Analysis and Market Impact
Using 20x leverage on SOL means that if SOL price drops about 5%, the position would face liquidation. At current SOL prices, the size of this long is significant enough to potentially provide buy-side support for SOL in the short term. However, such high leverage also makes the position a target for short sellers if the market turns.
Notably, the address sold some BTC after opening the long, possibly to manage overall risk or prepare additional margin. Its remaining BTC holdings of 10.59 coins (worth ~$630,000) serve as an additional safety cushion.
Signals from On-Chain Data
New addresses are often considered “clean” wallets used by institutions or sophisticated traders to execute large orders. Using a fresh address rather than an established one may be an attempt to avoid on-chain tracking or to test market depth. Whale long positions often influence market sentiment, and traders should watch for follow-up activity.
At press time, SOL price has not experienced sharp volatility, but the address’s pending orders and potential further actions are worth monitoring.