$SOL is trending downward, with the current price at 102.74. The next move will likely be an attempt to test below 101.16. Over the past 24 hours,
most of the major liquidations were long positions, worth $3.74 million, while short positions accounted for just $2.08 million. The price is moving lower, but those forcibly liquidated were mostly traders betting on a rise. This decline is mainly intended to flush out older leveraged long positions, and there are no signs of new money stepping in to take over those positions. Trading volume is $800 million, below the $900 million in positions, suggesting weak turnover. No one seems willing to add to their positions during the rebound, which is consistent with the decline in trading volume shown on the chart during the rebound. A total of 358 short positions were also liquidated, as traders betting on a decline were wiped out at 105.24,
but the price did not stabilize there and fell again, approaching the previous low. Both long and short positions have been flushed out, but the long positions have not yet been fully liquidated.
If the previous low breaks, stop-loss orders and forced liquidations will pile up together, intensifying the decline. Funding rates are merely oscillating around zero,
so they can be treated as background noise. Conditions for a bullish reversal: the price must rise back above 105.24 and hold there, overcoming overhead resistance; if that happens, this bearish assessment is invalidated.
$SOL
most of the major liquidations were long positions, worth $3.74 million, while short positions accounted for just $2.08 million. The price is moving lower, but those forcibly liquidated were mostly traders betting on a rise. This decline is mainly intended to flush out older leveraged long positions, and there are no signs of new money stepping in to take over those positions. Trading volume is $800 million, below the $900 million in positions, suggesting weak turnover. No one seems willing to add to their positions during the rebound, which is consistent with the decline in trading volume shown on the chart during the rebound. A total of 358 short positions were also liquidated, as traders betting on a decline were wiped out at 105.24,
but the price did not stabilize there and fell again, approaching the previous low. Both long and short positions have been flushed out, but the long positions have not yet been fully liquidated.
If the previous low breaks, stop-loss orders and forced liquidations will pile up together, intensifying the decline. Funding rates are merely oscillating around zero,
so they can be treated as background noise. Conditions for a bullish reversal: the price must rise back above 105.24 and hold there, overcoming overhead resistance; if that happens, this bearish assessment is invalidated.
$SOL