Solana (SOL) has experienced significant price volatility, resulting in substantial liquidation for investors within the ecosystem. Notably, short traders were most impacted as a liquidation imbalance of 112,382% triggered huge losses for investors in this category in the last hour.
Short sellers in loss as SOL defies bearish bets
The CoinGlass liquidation heat map reveals that within the last 60 minutes, short traders suffered a loss of $145,400. This was a result of price volatility, which saw SOL soar above the projections of these short-position traders.
You Might Also Like
According to CoinMarketCap data, Solana was earlier trading at a peak of $154.42 with the potential to retest the $160 price mark. However, fluctuations have caused a pullback, impacting long traders as well.
As of press time, the SOL price was changing hands at $150.20, representing a 0.71% decline in the last 24 hours. This marks a shift from SOL’s bullish performance over the previous seven days. Notably, Solana has been on a steady upward momentum, rallying by 12% in price over this period.
According to the coin’s outlook, Solana had the best performance among the top 10 ranked crypto assets on the digital currency market. This might have fueled the confidence of traders to bet on continued price increases, only to be surprised by an unexpected shift in volatility.
Will Solana regain momentum?
Despite the slight pullback, investors are not relenting, as volume remains in the green zone, up 17.95% to $2.86 billion. This suggests that Solana holders are engaging in active trading, anticipating a bullish rally that could drive up prices.
You Might Also Like
Solana’s technical chart shows that as long as SOL stays between $148 and $150, it has strong potential to post a bullish rally. Such stability could see it attempt to flip the $160 resistance level, with eyes on $170.
The ability of SOL to rebound and retain its momentum depends largely on how holders react to its persistent volatility.
Source: https://u.today/solana-hits-112382-liquidation-imbalance-in-just-one-hour