This bearish candle for SOL—every bit of tuition fees was paid by the longs.
In 24 hours, $25.41 million was liquidated: 92.8% were longs, and shorts only got hit by $1.82 million. The price was smashed from above $118 down to $112.8; it’s now at $115.3, down 2.6%.
The position was closed, but not much: the whole network’s holdings fell by 5% within 24 hours, but in 7 days it’s still 17% higher, and the leverage capital remains in the market.
What changed is the fees: the whole-network average funding rate has flipped negative, futures are at a 15.8% annualized discount; on Bybit and Bitget, shorts have started paying—short sellers crowded in.
The longs have just been flushed, and the shorts are squeezed in at the door again—this is when a short-term snapback is most likely.
Will SOL rebound or keep digging the bottom?
$SOL $BTC
View in real time: https://www.coinboss.com/currencies/SOL