A big crypto whale account has made a noteworthy deposit to HyperLiquid. Specifically, the crypto whale address has deposited nearly $8.09M in the form of $USDC ahead of rapidly placing several big Solana ($SOL) buy orders. As per the data from OnchainLens, the crypto whale has placed notable buy orders of up to $8M for $SOL. This signals a solid confidence in the near-term price outlook of $SOL.
Whale Places $8M $SOL Buy Orders on HyperLiquid after $8.09M Deposit
After depositing $USDC worth of $8.09M in HyperLiquid, the crypto whale reportedly placed buy orders to purchase 59,458 $SOL. In this respect, the whale has placed the orders within a narrow price band that starts from $133.88 and ends at $135. Thus, the whale believes in a near-term price action while bolstering its accumulation strategy.
The on-chain data highlights the transfer history of the whale on HyperLiquid. Particularly, the whale performed a deposit of almost $8,039,604.25 $USDC. Following that, the whale carried out a cross-account transaction of $8.12M in $USDC. Then, just moments after this, the whale placed the $SOL orders. Additionally, the open order book presents 4 active buy-limit orders with a cumulative amount of $7,999,999.73 (equaling 59,458.084 $SOL).
Aggressive $SOL Accumulation Indicates Wider Market Trend
According to OnchainLens, the crypto whale’s $SOL buy orders seem strategically layered while attempting to get liquidity across a tight range. It is a common tactic that high-volume traders use while seeking effective entry points. The respective whale activity goes in line with the wider market attraction toward $SOL as it has experienced increased volatility as well as liquidity over the past weeks. At the same time, the whale also possesses 427,441 $HYPE tokens (nearly $11.09M). Currently, the market onlookers are keenly watching for the outcomes of this move on the wider accumulation trend.
