Solana News Today: Institutional Confidence Drives Whale's $26M Solana Bet, Reliance Backs Surge

A major cryptocurrency whale has amplified its exposure to Solana (SOL), opening a leveraged position worth over $26 million as broader market optimism continues to drive aggressive capital reallocation into top digital assets, according to a Benzinga report. The trader, identified by on-chain analyst Lookonchain as 0xc2a3, has maintained a perfect 100% success rate across multiple contract trades since October 14, now holding $448.8 million in combined Bitcoin (BTC) and Ethereum (ETH) longs alongside the new SOL bet.

The whale's Bitcoin position-1,683 BTC at an average entry price of $110,680-remains a cornerstone of its strategy, with unrealized profits exceeding $13.4 million. Recent activity includes adding to BTC longs via limit orders in the $114,206–$114,527 range, while also initiating a 10x leveraged SOL position. Meanwhile, the Ethereum holding of 40,305 ETH (averaged at $3,929) has grown to $196.3 million, with analysts like Posty highlighting $4,250 as a critical resistance level for further upside.

The whale's Solana exposure has drawn particular attention. On November 2, the 0xc2a3 address added 8,164.4 SOL to its long position, pushing the total holdings to 569,050.58 SOL valued at approximately $105 million, according to a CoinoTag report. This move aligns with broader institutional interest in the asset, as Reliance Global Group (RELI) announced a strategic acquisition of SOL to diversify its digital asset reserves in a CardanoFeed report. The company, which already holds Bitcoin, Ethereum, and Cardano, cited Solana's high-throughput network and low fees as key drivers for the addition.

Market observers are closely watching these developments. The whale's BTC position faces a liquidation risk below $77,725, while ETH longs could falter if prices drop below $2,777. Analysts like Ali Martinez have flagged $111,160 as critical support for Bitcoin, with resistance at $117,630, underscoring the volatile environment. For Solana, the whale's aggressive accumulation suggests confidence in the asset's short-term trajectory, though traders are advised to monitor price action around $198.22, the average entry point for the whale's SOL position.

The interplay between institutional and whale-driven capital flows is shaping November's market dynamics. With crypto's total market cap recently surpassing $3.78 trillion, sustained momentum in top assets could reinforce broader bullish sentiment. However, as Posty noted, patience remains key for Ethereum traders, with $4,075 retests acting as a barometer for market readiness.