Solana Long Liquidations Surpass US$64 Million Amid Price Drop

Solana (SOL) experienced a decline over the past week. Since hitting a new record high of US$264.63 on November 22, SOL has faced increasing selling pressure. This caused its price to fall almost 10% in the last seven days.

This decline led to increased long liquidations in the SOL futures market. With bearish sentiment getting stronger, traders long Solana may face more losses. Here's why.

Over the past week, SOL's price decline of 8% has wiped out US$64 million from long positions in its derivatives market.

It should be noted, the decline in SOL prices has led to a significant decline in activity in its derivatives markets. This is reflected in the coin's open interest, which is currently at a weekly low of US$3.34 billion.

If the selling activity gains more momentum, SOL price will break below the crucial support level formed at US$231.54. A drop below this price point would send the SOL price down to US$205.56

On the other hand, if the buying pressure gains momentum, the SOL price will rise towards a record high of US$264.63.

Now the price is around $244.42 increased 3.86% in last 24 H.

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source: id. beincrypto, com