Solana (SOL) Leads Altcoin Liquidations as Long Traders Take Hit
Godfrey Benjamin Solana suffers massive liquidation relative to top rivals Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Solana’s price dip of 6.34% has forced the total liquidation of the asset to hit $14.98 million in the last 24 hours. This follows a brief spell of soaring price as investors anticipated higher growth as the coin nudged toward $270 in earlier trading.Solana's long traders bear bruntSolana long traders experienced a higher level of liquidation worth $11.40 million, according to CoinGlass data. Traders who bet short on SOL saw $3.57 million in liquidations. This suggests that investors had bet on SOL to continue its upward price trajectory. Related However, the asset price slipped along with its trading volume. SOL suffered a 38.27% decrease in trading volume to $6.23 billion. Investors’ confidence has declined significantly following these developments in the ecosystem.As of this writing, SOL price was down by 6.73% to trade at $247.95 in the last 24 hours. Within this same time frame, Solana's price has moved between a low of $246.79 and a high of $269.81, indicating its potential for higher levels.Analysts, however, noted that the price decline with SOL might have been triggered by Bitcoin’s slip in the broader crypto market space.SOL’s liquidation outpaced other notable altcoins such as XRP, Dogecoin (DOGE) and dogwifhat (WIF) in the last 24 hours.Other altcoins join trendInterestingly, all three assets followed the same pattern of liquidation imbalance as Solana. Notably, long traders experienced higher levels of liquidation. Related DOGE recorded a total liquidation of $7.29 million, with long position traders accounting for $6.66 million. Short position traders registered $631,510 in liquidation. This coincides with a 3.80% drop in DOGE’s value within the same time frame.XRP’s cumulative liquidation of $4.17 million is $3.55 million for long bets, while short bets only recorded $619,700. As for WIF, long traders' liquidation stood at $4.17 million while short was $277,810, bringing the cumulative to $4.44 million. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles