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In the past 24 hours, the cryptocurrency market witnessed a roller-coaster-like movement, impacting both bearish and bullish traders. According to CoinGlass data, a total of $122.83 million in liquidated positions shook the market, with 66% being long positions and the remaining 34% representing shorts.
Amid this market turbulence, Solana (SOL) stood out by initiating a significant bearish liquidation mission. In the last 12 hours alone, SOL witnessed liquidations totaling $1.94 million, with a remarkable 87.1% originating from short positions. While bulls also faced losses, the damage amounted to a mere quarter of a million, delivering a sharp wake-up call to latecomers.
Currently, SOL is trading at $77.77 per token, marking a 6.45% increase from the day’s opening price. Despite a substantial 267% surge since October, Solana continues to show resilience on the market.
Solana dethrones XRP
With a current market capitalization of $33.24 billion, SOL’s ascent is nothing short of meteoric. Reflecting on the early 2023 FUD-induced anxiety when its market cap languished at $3.63 billion, Solana has defied expectations, boasting extraordinary growth of 915.7%.
Solana’s climb up the crypto ladder this year not only symbolizes its own resilience but also reflects a broader shift in market dynamics. As it solidifies its position among the top crypto assets, Solana’s impact during the current rally is undeniable.