Solana’s price dip of 6.34% has forced the total liquidation of the asset to hit $14.98 million in the last 24 hours. This follows a brief spell of soaring price as investors anticipated higher growth as the coin nudged toward $270 in earlier trading.
Solana's long traders bear brunt
Solana long traders experienced a higher level of liquidation worth $11.40 million, according to CoinGlass data . Traders who bet short on SOL saw $3.57 million in liquidations. This suggests that investors had bet on SOL to continue its upward price trajectory .
However, the asset price slipped along with its trading volume. SOL suffered a 38.27% decrease in trading volume to $6.23 billion. Investors’ confidence has declined significantly following these developments in the ecosystem.
As of this writing, SOL price was down by 6.73% to trade at $247.95 in the last 24 hours. Within this same time frame, Solana's price has moved between a low of $246.79 and a high of $269.81, indicating its potential for higher levels.
Analysts, however, noted that the price decline with SOL might have been triggered by Bitcoin’s slip in the broader crypto market space.
SOL’s liquidation outpaced other notable altcoins such as XRP, Dogecoin (DOGE) and dogwifhat (WIF) in the last 24 hours.
Other altcoins join trend
Interestingly, all three assets followed the same pattern of liquidation imbalance as Solana. Notably, long traders experienced higher levels of liquidation.
DOGE recorded a total liquidation of $7.29 million, with long position traders accounting for $6.66 million. Short position traders registered $631,510 in liquidation. This coincides with a 3.80% drop in DOGE’s value within the same time frame.
XRP’s cumulative liquidation of $4.17 million is $3.55 million for long bets, while short bets only recorded $619,700. As for WIF, long traders' liquidation stood at $4.17 million while short was $277,810, bringing the cumulative to $4.44 million.
