$SOL Short Liquidation Alert.

The Solana ($SOL) market just saw an intense shake-up, with $2.6629K worth of shorts getting liquidated at $189. 95.

What Happened.

In a dramatic move, Solana’s price spiked, causing short traders who bet on its decline to get caught in a squeeze. The forced liquidations created even more buying pressure, pushing the price higher.

What Does This Mean.

Short Squeeze: A short squeeze happens when the price of an asset rises sharply, forcing traders who have short positions (betting the price will go down) to cover their positions by buying the asset. This can cause a rapid increase in price.

Price Impact:

The liquidation of $2.6629K worth of shorts at $190.21 shows a significant shift in market sentiment. Bears got trapped as bulls took over, fueling the rally.

What’s Next for Solana.

Traders might want to watch for resistance levels at $200 and $210, where further pressure could build.

Support Levels: Keep an eye on $180 for potential pullbacks. If the price holds above this, we could see further bullish movement.

Key Takeaways:

Short squeeze is a powerful force, especially with $SOL showing such volatility.

Stay alert for any further liquidation cascades, as Solana continues to make waves in the crypto market.

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