SOL Token Drops 9.66% Amid $327M Liquidation Wave and $320M Short Position Surge

Solana (SOLUSDT) experienced a sharp price decline of approximately 9.66% over the past 24 hours, with the current price at $144.94 on Binance. This drop is primarily attributed to a significant market-wide liquidation event totaling over $327 million, of which $235 million came from long positions, directly impacting SOLUSDT and other major cryptocurrencies. Additionally, reports of a large trader opening $320 million in short positions across several assets, including SOLUSDT, contributed to increased selling pressure and heightened volatility. Despite recent bullish sentiment from technical analysis and ecosystem developments—such as a $5 billion credit line for SOL accumulation and ongoing DeFi and cross-chain expansion—short-term market sentiment remains bearish, as reflected by technical indicators and the recent price action.

Solana maintains a 24-hour trading volume of over $6.1 billion and a market capitalization of approximately $76.26 billion, ranking #6 by market cap. While long-term fundamentals and ecosystem growth remain positive, the current market environment is characterized by elevated volatility and risk appetite, with the price approaching key support levels after the recent decline.