Solana (SOL) has recently performed remarkably, with its price soaring to $211, reaching a new high in 7 months. Currently, SOL is stabilized around $209, with a monthly rise of 16.9% and a weekly rise of 8.18%. The market generally believes that SOL is likely to challenge the key resistance level of $223.

However, in this seemingly prosperous market, the movements of large investors (commonly known as "whales") are worth paying attention to. Analysis shows that certain large holders are secretly positioning themselves, which may affect the market direction.

A recent operation by a SOL whale has caught the market's attention. On August 25, on-chain data showed that the investor withdrew 20,000 SOL (valued at approximately $4.09 million at the time) from the Kraken exchange. Interestingly, these funds were not transferred to a regular wallet but were directly deposited into the DeFi protocol Kamino within the Solana ecosystem. Subsequently, the investor borrowed 3 million USDC and transferred those funds to the OKX exchange.

This series of operations is interpreted by the market as a typical leveraged operation. Normally, investors might use this strategy to increase their SOL holdings or open long positions in futures. Considering the current high level of SOL, the latter is more likely. After all, with spot prices being so high, even large investors are unlikely to significantly increase their holdings.

Despite the generally optimistic market sentiment, investors still need to be cautious. Some retail investors have started to take profits, which may indicate a potential pullback in the short term.

For investors considering entering the market now, it is necessary to weigh the current market dynamics and potential risks. While SOL's strong performance is encouraging, market volatility remains. Before making investment decisions, investors are advised to conduct a comprehensive analysis of market trends, pay attention to the movements of major players, and assess their own risk tolerance.

Nevertheless, Solana's recent performance has undoubtedly injected a shot of adrenaline into the cryptocurrency market, sparking renewed discussions about the potential of blockchain technology. As the market continues to evolve, we will keep an eye on the developments of SOL and the entire cryptocurrency space.