Solana falls, rebounds from $145 as crypto market liquidations near $350 million
Solana (SOL) fell nearly 4% in the past 24 hours, a sharp reversal in direction from its recent high near $145.
The drop followed a wave of liquidations in the derivatives market and broad altcoin weakness. Almost $390 million in crypto positions have been liquidated, $348 million of which were long according to CoinGlass.
The selloff intensified after SOL breached its 20-day and 50-day exponential moving averages, according to CoinDesk Research’s technical analysis data model. Volume surged during the decline, with one hourly spike showing 3 million SOL traded, more than 200% above the 24-hour average.
Despite strong fundamentals, which include nearly $15 billion worth of stablecoins circulating within the network according…
