24-hour liquidations across the entire market totaled 1.239 billion, with 1.099 billion in long positions—nearly 90%. Funding rates are still positive.
$SOL 89.4, down 6.6%.
That’s not how the math works. If the market were really clearing out, funding rates would have to turn negative first: longs would be scared off, and nobody would be willing to pay to hold long positions. All three major coins are in positive territory: BTC +0.0054%, ETH +0.0055%, SOL +0.0051%. They settle every 8 hours, and longs are still paying.
Put simply, the price is being hammered down, but longs haven’t surrendered. One layer of leverage has been wiped out; the rest are holding on.
Longs holding on are fuel for a rebound, but also the fuse for the next drop. With funding rates still positive, I’m leaning toward the latter.
Watch SOL at 89. If funding is still positive at the 16:00 settlement, don’t rush to call the bottom.
$SOL 89.4, down 6.6%.
That’s not how the math works. If the market were really clearing out, funding rates would have to turn negative first: longs would be scared off, and nobody would be willing to pay to hold long positions. All three major coins are in positive territory: BTC +0.0054%, ETH +0.0055%, SOL +0.0051%. They settle every 8 hours, and longs are still paying.
Put simply, the price is being hammered down, but longs haven’t surrendered. One layer of leverage has been wiped out; the rest are holding on.
Longs holding on are fuel for a rebound, but also the fuse for the next drop. With funding rates still positive, I’m leaning toward the latter.
Watch SOL at 89. If funding is still positive at the 16:00 settlement, don’t rush to call the bottom.
