The cryptocurrency market has taken notice of whale address 0x6636’s decision to go all-in on leverage earlier today. They opened enormous long positions across three major assets: Sui with 10x leverage, Solana with 20x and Bitcoin (BTC) with 40x leverage. Approximately 540 BTC ($60 million); 114,984 SOL ($24.86 million) and 868,196 SUI ($3 million) make up the positions. This gamble is one of the biggest, most leveraged trades in recent months.
Bitcoin’s outlook
Bitcoin is currently trading at about $112,257, indicating consolidation following weeks of losing ground. Although there is a delicate upward pattern visible on the chart, Bitcoin is still capped below the 50-day EMA at $114,547, which is a critical barrier that bulls must clear. Volume has been continuously dropping, indicating a lack of confidence and uncertainty among purchasers. The RSI, meanwhile, is close to 48, indicating neither an overbought nor an oversold situation.
Bitcoin might test $118,000 in the near future if it can break above $114,500. The downside risk toward the 200-day EMA at $104,735 will become very real, though, if the structure collapses. Given the 40x leverage, even a slight retracement could cause this whale’s Bitcoin position to liquidate rapidly.
Solana pushed down
Following its summer peak, Solana has been in a downward correction phase, finding it difficult to regain momentum. SOL’s chart recently shows distinct lower highs at about $216, with strong resistance above. If the market is still shaky, and the whale is betting on a short-term reversal, the 20x leverage long makes sense. While moving averages display conflicting signals, the RSI is positioned close to the midrange, indicating little momentum.
SOL might cause a strong short squeeze and push the price higher if it breaks above important resistance around $225-$230. However, leveraged longs may become trapped in a risky liquidation spiral if those levels are not regained. With 40x BTC leverage, even a 2% move against them could wipe out tens of millions of dollars, but this whale is placing a large bet on a cryptocurrency recovery.
Increased market volatility could soon either reward the whale for their gamble with a breakout or punish them with quick liquidations.