As SOL falls, traders chasing longs are still paying funding. Don't rush to catch a falling knife in the short term.
At the time of publication, SOL was trading at about $82.30 on Binance, down 2.19% over 24 hours. On OKX, it was also trading at about $82.30, down about 2.19%. The high and low on both exchanges were around $85.80 and $82.20. Funding rates were positive on both exchanges, at about 0.003312% and 0.006621%, respectively. Under the rules for positive funding rates, longs pay shorts.
SOL liquidations totaled about $9.531 million over the past 24 hours, including about $6.168 million in long positions, or 64.7%. The drop first wiped out positions chasing the rally, but funding rates remain positive, so leverage has yet to fully unwind.
If you're waiting for a rebound, first watch whether funding rates cool off and whether the price can hold near $82. Do you think SOL will rebound first or keep liquidating longs?
View in real time: https://www.coinboss.com/funding-rate