Solana (SOL) is on a steep downtrend today, May 19, amid a 6% decline that has caused $24M in total liquidations. Out of these liquidations, 80% were long positions, and this caused a spike in selling activity, which fueled a decline in Solana price from an intraday high of $176 to a low of $159. At press time, SOL trades at $160, and unless the trend reverts to bullish, more long positions risk closure, which may wipe out the gains made in the last one month. Solana Price Risks $111M Long Liquidations Below $160 Solana’s liquidation map shows that $111 million in cumulative long leverage is positioned around $158, which is slightly below the current price of $160. Solana Liquidation Map The above data shows that if the Solana price drops to this level, it will cause a cascade of long liquidations that could intensify the selling pressure due to… Read More at Coingape.com
The post Solana Price Faces $111M Long Liquidations Before $174 Retest – Key Levels to Watch appeared first on CoinGape.