Solana price has dropped 6.21% in the past 24 hours, pushing the total liquidation of the asset to $14.98 million.
This follows a brief period earlier in the day when Solana’s price neared $270, before slipping lower.
According to data from CoinGlass, long traders were most affected, with $11.4 million worth of long positions getting liquidated.
This indicates that many traders were betting on Solana’s continued rise, only to face a downturn. In contrast, short traders saw $3.57 million in liquidations.
In addition to the price drop, trading volume for Solana also declined by 41.27%, falling to $5.47 billion. This suggests that market activity around Solana has slowed, with fewer trades taking place.
Solana’s price fluctuated between $246.79 and $269.81 in the past 24 hours, now standing at $253.87 at the time of writing as per Coinmarketcap data.
– Advertisement –
The price movement shows some volatility but may find support if buying interest returns.
Other Altcoins See Similar Trends
Solana wasn’t the only asset facing liquidations. Dogecoin (DOGE) saw $7.29 million in liquidations, with long traders accounting for most of that figure.
DOGE’s price dropped by 3.8% over the same period. XRP also followed a similar pattern, with $4.17 million in liquidations, and dogwifhat (WIF) had $4.44 million in total liquidations.
With the price dropping and trading volume down, Solana faces a period of uncertainty.
The asset’s price has now settled at $247.95, but it remains to be seen if the market can stabilize or if further fluctuations are ahead.
The liquidation trend across multiple assets highlights the volatility in the crypto market, with long positions bearing the brunt of recent losses.
As always, traders will be keeping an eye on the broader market for any signs of recovery.
Solana Price Analysis
The Solana network recently saw a surge in decentralized exchange (DEX) volumes following the launch of the OFFICIAL TRUMP (TRUMP) memecoin, pushing monthly volumes past $200 billion.
This milestone, unprecedented on any other network, helped lift Solana’s price above recent consolidation levels.
However, bearish pressure soon capped the rally, hinting that the sluggish trend might continue.
Solana’s price tested the $270 resistance point for the fifth time in recent days, showing signs that bulls were aiming to push past this barrier.
Despite this, the lack of volume has weakened momentum, and technical indicators now suggest a possible bearish trend ahead.
SOL/USDT Price Chart: Trading View
After climbing from around $175 to a new ATH above $295, market optimism grew. However, the rejection at the $270 resistance shows strong selling pressure.
Still, the price is testing the critical 50-day moving average, and if it breaks below $240, further declines could follow.
While Solana’s network remains a top choice for memecoins, which have attracted significant liquidity, the short-term hype could be impacting SOL’s price negatively.
However, the push for Solana ETFs by major institutions adds some bullish potential.
Ultimately, Solana may experience a pullback, but support at $240 or $237 could provide a foundation for a potential rebound.
