Over $33M in Solana short positions liquidated as SOL nears $95

Solana bears had a very bad day. More than $33.8 million in SOL short positions were liquidated over the past 24 hours as the token ripped higher toward $95, catching leveraged traders on the wrong side of a move that showed no interest in slowing down.

SOL hit approximately $94.14 during the session, reflecting a roughly 5.8% intraday gain. That’s a sharp recovery from around $75 just a week ago, which means traders who opened shorts near the lows got steamrolled by a move of more than 25% in a matter of days.

The squeeze in numbers

The damage was lopsided. Of the total liquidations in SOL futures, approximately 80.85% were short positions. Long liquidations totaled just $8.01 million.

Binance bore the brunt of it, with around $17.9 million in SOL shorts wiped out on the exchange alone. OKX, Hyperliquid, and Bybit absorbed much of the remaining pain.

Intraday volatility in SOL exceeded 7% during the session. When clustered short liquidity between $80 and $92 got cleared, the cascade became self-reinforcing: forced buybacks pushed the price higher, which triggered more liquidations, which pushed the price higher still.

Part of a much bigger picture

Total short liquidations across all cryptocurrencies surpassed $1.2 billion in the same 24-hour window. Bitcoin and Ether shorts faced their own substantial wipeouts, contributing to an estimated $4 billion in total liquidations over a two-day stretch.

The catalyst appears to have been a confluence of macro tailwinds. US Treasury bond buybacks and positive political signals fostered a risk-on environment. Crypto, as the highest-beta corner of the financial universe, tends to move first and hardest when risk appetite flips.

Why SOL specifically

The clusters of short liquidity between $80 and $92 acted as fuel depots along the rally’s path. Each time SOL punched through one of those levels, another batch of stop-losses and liquidation triggers fired off, adding buying pressure that propelled the token toward the next cluster.

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