Solana Trader Sees Over $23M in Unrealized Profit with Bullish Outlook

Solana trader 0x9c6a has achieved substantial profits on a long position in SOL, the Solana cryptocurrency. A month ago, they opened a 20x long on 550,087 SOL worth $67.88M. The trader now holds over $23M in unrealized profit while targeting $200 for SOL.

The position includes take-profit orders at $200 that could deliver more than $65M if SOL's price prediction levels materialize amidst ongoing crypto market volatility. However, the price action on the 4h chart shows SOL trading at $121.75 within the Bollinger Bands with upper resistance at $125.22 and lower support at $116.27.

The bullish EMA structure places the 50-EMA at $116.91 as key support, while the 200-EMA sits at $104.68. Nevertheless, the MACD death cross at 1.77 signals fading momentum even as the RSI remains neutral at 56.4, suggesting a potential retracement to the 50-EMA before any push toward the $200 target.