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Insane 14,602% Liquidation Imbalance Rocks Solana in Hourly Shorts Bloodbath
Solana has been recording impressive gains, with its price surging by over 8% on the cryptocurrency market. However, this positive development has triggered a severe liquidation imbalance in the last hour. A staggering 14,602% liquidation imbalance is now on record, with significant losses for short traders.
According to CoinGlass data, those betting against Solana witnessed $2.82 million wiped out within the past 60 minutes as the price began an upward trajectory towards the $180 level. The price increase exceeded projections held by short traders.
It’s essential to note that long traders experienced minimal liquidation, with just $19,180 lost in the same timeframe. This massive disparity between the two trading strategies has led to a devastating bloodbath for those who bet against Solana’s rise.
Solana’s surge can be attributed to several factors, including increasing network revenue and high-stakes traders’ actions indicating that whales are ready for a significant climb. There are high expectations that SOL could breach the $200 price resistance as it continues to ride on its current rally.
As a result of this extreme imbalance, short sellers may need to reevaluate their positions and potentially adjust their strategies in response to Solana’s unexpected surge.
Source: u.today
