Silver Hits Two-Month High at $87 — On-Chain Whale Short Position Just 2.5% From Liquidation

Spot silver continued its sharp rally into Monday morning, reaching a high of $87 and hitting its highest level in nearly two months. The move has put significant pressure on at least one large on-chain short position that is now just 2.5% away from forced liquidation — while a whale who went long with 20x leverage during the overnight surge is sitting on floating profits exceeding 100% of their initial investment. Silver's rally: seven percent in 24 hours Spot silver climbed steadily from Sunday night through Monday morning, peaking at $87 before the SILVER perpetual contract on Hyperliquid settled around $85.8 at the time of writing — still representing a 7% gain over the prior 24 hours and a new two-month high for the metal. The move comes against a broader backdrop of elevated commodity prices, with oil also trading above $100 per barrel amid ongoing geopolitical tensions around the Strait of Hormuz. The short position under pressure Among all whale positions exceeding $1 million opened on-chain in the past week, only one is positioned against the current trend. A single short position worth $1.72 million carries a liquidation price of $88.26 — just 2.5% above current trading levels. If silver continues higher and breaks above $88, this position would become the first on-chain whale liquidation of the current rally, with the forced buyback potentially accelerating the move higher as the liquidation engine closes the position at market. The proximity of that liquidation level to current prices makes it a closely watched technical trigger. Traders monitoring the move will be watching whether silver can sustain momentum above $86 and push toward the $88 zone where the liquidation would activate. The long whale printing over 100% On the other side of the trade, the most profitable on-chain address during this rally is wallet 0x9e8b1e51c642f4c8b87c6ba11c53d516a218afc4. During the main upward wave overnight, this address entered a long position with 20x leverage, deploying $5.17 million at an average entry price of $81.2. At current prices around $85.8, the position is carrying a floating profit of approximately $270,000 — representing more than 100% return on the initial margin deployed. The position has not been closed at the time of writing, meaning the profit remains unrealized and subject to reversal if silver pulls back. At 20x leverage, a 5% adverse move from the entry price would eliminate the initial margin entirely — making position management critical as the metal approaches the $88 level where the opposing short liquidation sits.