SOL was up 3.7% that day, and what got wiped out was shorts: in the $28 million liquidation, about 80% was dumped directly onto short positions.
The current price is 121.9; over the past 24 hours the high was 122.9 and the low was 115.8. Gains on both Binance and OKX are capped at around 3.7%.
The largest single liquidation was 7,500 short contracts on Binance; 123.02 was liquidated, totaling $920,000 per trade.
What’s even more striking is the open interest: across the whole network, it hit $5.48 billion, surging 10.6% in a single day. As prices kept rising, money was still flowing in—Bybit alone saw its positions jump by 22%. The funding rates are relatively mild: Binance’s annualized rate is 5%, and longs don’t seem to be crowded.
But in the past hour, the wind direction has changed: of the $1.4 billion in liquidations, 82% were long positions—people who chased in after it surged to 122.9 started getting beaten.
$SOL $BTC
After squeezing and cleaning up the shorts, the ones who chased longs went in again. Which side are you on this round?
Check in real time: https://www.coinboss.com/currencies/SOL