Whale Makes $20 Million Shorting SOL – Worse Dip Coming?

In Brief

• A major crypto whale has made $20 million with an expanded, large leveraged short on Solana.
• Despite steady ETF inflows, Solana’s recent breakdown below a key level points to a further dip.
• Broader market weakness is intensifying pressure on altcoins, with Solana among the hardest hit.

Shedrach Kongvong 2025-11-17

A crypto whale has made at least $20 million from shorting Solana, raising concerns about the coin’s future. The whale has continued to increase his Solana short position with 20X leverage as the price continues to fall.

According to onchain data, the bear’s position has added up to $53 million with an unrealized profit of $11.5 million.

The action has been described as aggressive, but is just one of several such positions opened by whales in the past weeks.

A whale continues to increase its $SOL short position with 20x leverage.

Currently the position valued at $53M, with an $11.5M floating profit. Overall, the whale has already made over $20M.https://t.co/WQwMuyNPvl pic.twitter.com/cJGvdDVAuw

— Onchain Lens (@OnchainLens) November 17, 2025

Is Solana Heading Lower?

Solana started its spot ETFs on a solid footing, seeing continuous inflow for seven days in a row, but that hasn’t been reflected in its price behavior.

The asset recently broke below a critical level that an analyst says could cause a crash to a low as $24. Since then, the price has been in a decline alongside the rest of the market.

As whales are shorting the coin and making massive profits, this raises concerns on whether the coin’s price will actually plummet to $24, a narrative that many don’t believe.

On the flip side, the crash could be driven mainly by the wider market correction which has been led by bitcoin, the biggest digital asset that has itself been struggling.

Market Crash Tells on Solana

The crypto market has been in a sustained correction for a few days now, increasing the pressure on crypto assets, especially altcoins.

Solana however is one of the worst hit in the correction, losing over 18% in the last seven days and second only to Cardano with 19% according to Coinmarketcap.