In this move for SOL, it starts with a short squeeze: over the past 24 hours, a total of $41.67 million was liquidated across the network, of which $35.50 million was shorts, or 85%. The price was pushed from $110.9 up to around $120, and it’s now standing at $117.5, up 5.2% for the day.
The worst one came last night at 11:00: on Binance, 39,000 SOL short positions were force-liquidated at $121—a single deal worth $4.76 million.
Then the plot twist: Of the $3.08 million liquidated in the last 4 hours, $2.88 million was long positions, accounting for 93%. It failed to hold at 120 and pulled back to 117. Those who just chased in got chopped off in the first wave.
Now look at leverage: across the whole network, open interest increased by 8.2% in one day to $5.28 billion, yet the funding rate is still sitting at the benchmark of 0.01% every 8 hours. The shorts have been cleared out, and the longs chasing still haven’t squeezed in— the market is waiting for direction.
Do you think SOL can hold above 117 and keep pushing toward 120?
Check in real time: https://www.coinboss.com/liquidations
$SOL $BTC