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Solana’s 6.34% price drop has forced total liquidations to reach $14.98 million in the last 24 hours. This comes shortly after the price surged as investors anticipated higher growth with the coin approaching $270 in previous trading.

Long Solana traders bear the brunt

According to CoinGlass data, traders who were short on SOL saw a higher level of liquidation of $11.40 million. Traders who were short on SOL saw a liquidation of $3.57 million. This indicates that investors were betting on SOL continuing its upward price trajectory.

However, the price of the asset has declined as its trading volume has declined. SOL has suffered a 38.27% drop in trading volume to $6.23 billion. Investor sentiment has been significantly reduced in the wake of these developments in the ecosystem. At the time of writing, Solana price has dropped by 6.73% to trade at $247.95 in the last 24 hours. In the same timeframe, Solana price has moved between a low of $246.79 and a high of $269.81, suggesting that it could reach higher levels. However, analysts have suggested that the price drop along with SOL could be due to Bitcoin’s slide in the broader crypto market. SOL liquidations have outpaced other notable altcoins such as XRP, Dogecoin (DOGE), and dogwifhat (WIF) in the last 24 hours. Other altcoins have joined the trend and interestingly, all three assets have followed the same imbalance in liquidations as Solana. It is worth noting that long-term traders have seen higher levels of liquidation.

DOGE recorded a total liquidation of $7.29 million, with long traders liquidating $6.66 million. Short traders liquidated $631,510. This coincides with a 3.80% drop in DOGE’s value in the same time frame. XRP liquidations totaled $4.17 million, with longs liquidating $3.55 million, while shorts liquidated just $619,700. As for WIF, long traders liquidated $4.17 million, while shorts liquidated $277,810, for a cumulative total of $4.44 million.

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