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Solana’s 6.34% price decline resulted in the asset’s total liquidation reaching $14.98 million in the last 24 hours. A brief spell of price appreciation follows as investors expected higher growth as the coin was back at $270 in previous trading.
Solana traders long two pots
Solana Long Traders saw a higher level of liquidation of $11.40 million, according to CoingLass Data. Traders betting on SOL saw $3.57 million in the qualifiers. This suggests that investors have bet on SOL to continue its upward price trajectory.
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However, the asset price slid along with trading volume. SOL suffered a 38.27% decline in trading volume to $6.23 billion. Investor confidence declined significantly following these developments in the ecosystem.
As of this writing, Sol Price under By 6.73% to trade at $247.95 in the last 24 hours. In this same time frame, Solana price moved between a low of $246.79 and a high of $269.81, indicating its potential for higher levels.
However, analysts pointed out that the price decline with SOL may have been triggered by Bitcoin’s misstep in the broader crypto market space.
SOL’s liquidation has outperformed other prominent altcoins such as XRP, Dogecoin (DOGE), and Dogwifhat (WIF) in the past 24 hours.
Other altcoins are joining the trend
Interestingly, all three assets followed the same divestment pattern as Solana. Notably, long traders experienced higher levels of liquidation.
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Dodge recorded a total liquidation of $7.29 million, with long position traders accounting for $6.66 million. Traders in the short position recorded $631,510 in liquidation. This coincides with a 3.80% decline in the value of the Doge in the same time frame.
The cumulative XRP liquidation of $4.17 million amounts to $3.55 million for long bets, while short bets recorded just $619,700. As for the WIF, Traders Long’s liquidation was $4.17 million, while Short’s was $277,810, bringing it to $4.44 million.
