As reported by Bijiawang, Solana (SOL), the seventh-largest cryptocurrency by market cap, experienced a massive liquidation imbalance of 8,392% over a 12-hour period. Long-position traders lost $4.94 million as the price dropped to a low of $120.78, triggering widespread liquidations. Despite a slight oversold reading on the RSI and a brief price rebound above $125, the token failed to sustain momentum. The decline was attributed to broader market risk-off sentiment and ETF outflows from Bitcoin and Ethereum, which also negatively impacted altcoins like Cardano and XRP. Meanwhile, positive developments such as Solana ET project approvals, FireDancer’s mainnet launch, and Coinbase’s integration of SOL-based tokens were highlighted as potential long-term positives.
Solana Faces 8,392% Liquidation Imbalance in 12-Hour Price Drop
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Summary
Solana price dropped sharply in 12 hours, causing an 8,392% liquidation imbalance. Longs lost $4.94 million as price today hit $120.78. A brief rebound above $125 failed to hold. Broader market risk-off and ETF outflows hurt altcoins like Cardano and XRP. Solana’s ET project approvals and FireDancer’s launch remain key long-term factors.
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