magic or an equal amount of handwavium
using real world physics its limbs would need to be bigger than its body to support its weight.
the important thing to remember is as you increase size the mass increases by the cube (the volume) while the strength of the bone only increase by the square (the cross sectional area). so you have to make the bones progressively thicker to withstand the forces.
You mentioned the square cube law but I don't think you grasp what it means. At a certain point the increase in bone creates more mass and thus requires more strength than the actual strength it creates.
And that is before you take into account things like surface area of the lungs, getting rid of body heat, or the blood pressure created by "water" column height.
Your best bet might be to not explain it and just make it your acceptable break from reality.