SOL hits $204, triggering massive short liquidations
Over $48 million in shorts wiped out across CEXs and onchain
Largest single liquidation was a $1.02M short at $204
Solana ($SOL) shocked traders this week as its price rocketed to $204, causing widespread liquidations of short positions. More than $48 million worth of short trades were wiped out across centralized exchanges (CEXs) and onchain platforms.
The data reveals that onchain liquidations actually exceeded those on CEXs—a rare occurrence that signals increasing activity and leverage on decentralized platforms. This also underscores how traders are increasingly using DeFi tools for high-risk plays, and in this case, suffered massive losses as the price surged unexpectedly.
The single biggest blow came from a $1.02 million short liquidation, executed precisely at the $204 mark.
Why Are Onchain Liquidations Surpassing CEXs?
The rise in onchain liquidations points to a broader trend: DeFi’s growing dominance. As Solana’s ecosystem expands, more traders are using onchain protocols that offer flexible leverage and less oversight compared to traditional exchanges.
This makes the liquidations more dramatic when prices move sharply, as smart contracts execute liquidations automatically once the collateral threshold is breached.
SOL’s strong price action appears to have caught many short sellers off guard, particularly those overleveraged in DeFi positions.
SOL LIQUIDATIONS: Over $48M in short positions liquidated across CEXs and onchain as $SOL hit $204, with onchain liquidations surpassing all CEXs combined. The largest single short liquidation was $1.02M at $204. pic.twitter.com/T3wy37nUrx
— SolanaFloor (@SolanaFloor) July 22, 2025
What This Means for the Market
Liquidations of this size often lead to increased volatility, but they also reflect strong bullish momentum. SOL hitting $204 signals confidence in the network, fueled by growing adoption and consistent development.
However, such violent moves also show the risk of leverage in crypto trading. Whether you’re using a centralized or onchain platform, betting against a surging token like SOL can be dangerous—especially in a bullish market.
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