#BTCBackto100K Short positions in Solana increase after memecoin scandals

The ratio of long to short positions in SOL in futures markets is leaning downward as losses in memecoins rise.

Traders are increasingly positioning themselves for a drop in Solana's native currency, SOL, as sentiment plummets amidst rising memecoin scandals on the network, according to data reviewed by Cointelegraph.

According to the data service Coinalyze, the ratio of long to short positions of SOL on cryptocurrency futures exchanges fell from 4 to 2.5 on February 17, indicating an overall market tilt downward for SOL.

"The market has decided it is angry with Solana," said Tyler Durden, a pseudonymous cryptocurrency influencer, in a post on February 17 on the X platform.