Conclusion first: SOL has basically gone nowhere over the day, but over the past 4 hours it has cleaned out shorts almost completely.
Current price is 100.8; it’s up only 1% over 24 hours. The high is 101.34 and the low is 97.38. Binance and OKX are pretty much aligned, and the price action is fairly flat.
The contrast is all within a 4-hour window: the whole network exploded $28.9 million, 98% of it is short positions. The largest order—a $1 million short—was liquidated on Binance at 101.72. If you look at the past 24 hours, longs actually hold 55.8% more, suggesting this round of concentrated liquidation of shorts is a new development that only emerged in these 4 hours.
Binance alone accounted for 65% of liquidations in these 4 hours, yet in SOL’s total global open interest, it only makes up 18.5%. Clearly, it’s the one that was hit the hardest in these 4 hours. In the most recent hour, it’s even more intense: 95.6% is still shorts.
The position is $4.75 billion, it has barely changed in a day. Binance, on the other hand, added 2% in the last 4 hours—the dip-buying crowd has already entered.
$SOL $BTC
Trading sideways like this and it’s cleaned up to this extent—how long do you think the bears can hold on?
Check in real time: https://www.coinboss.com/currencies/SOL