Solana (SOL) dropped to its lowest price since December 2023 this week, sliding toward $68 as more than $88 million in leveraged positions were wiped out across the market.
Long traders absorbed almost all of the damage
On-chain activity and social interest had been weakening for months before the breakdown, which suggests the selloff reflected fading demand rather than a single shock. Long Liquidations Account for 94% of the Damage The market liquidated $88.45 million in SOL positions over 24 hours, according to Coinglass data. Of that total, $83.53 million came from long positions against just $4.91 million in shorts.
That split means bullish traders accounted for roughly 94% of the losses. The data also shows 12,084 traders liquidated worldwide as SOL volatility passed 12% on the day. The 90-day comparison makes the move stand out.