Simply put
- Solana is facing a $31.6 million liquidation in liquidation for 24 hours as investors get left behind and make profits, and is short on major cryptocurrencies due to high leverage exposure.
- The recent move by Forward Industries and Defi Development Corp. by the Corporate Treasury Department was already priced, analyst said it caused a sale that announced “buy rumors and sell the news.”
- Additional downward pressure comes from SoL down more than 9% last week, down from $1.6 billion in FTX real estate distribution at the end of the month.
Solana is below its blue chip counterparts, including Bitcoin, Ethereum and XRP, as investors are ready to take a big hit when they make profits with Delaverage. Decryption.
“According to Coinglas data, over the last 24 hours, market-wide liquidation has exceeded $290 million, making it highly utilized, with fewer liquid assets seeing a sharper drawdown. Solana is a classic example.
Solana Derivative contracts account for $31.6 million worth of forced sales over the past day, compared to $68.5 million. Ethereum $52.2 million Bitcoin Liquidation. At the time of writing, Solana is trading at $213 after a decline of about 3% in the past day and more than 9% from last week, according to Crypto Price Aggregator Coingecko.
Chen added that bullish Solana financial news from Forward Industries and Defis Development Corporation has already been priced.
The forward, trading on NasdaqCM under Ford Ticker, announced a $1.65 billion salary increase and announced its intention to buy Solana just days before SOL was acquired. Defi Development, which is trading on NasdaqCM under the DFDV ticker, has been purchasing Solana since April.
“When the announcement became official, the market responded to the classic ‘buying rumors, selling news’ dynamic, urging speculative owners to eject the revision and accelerate,” he said.
Sol Pullback has made it a forecast market owned by Myriad users DecryptionParent company Dastan doubts whether the coin will see a new history high by the end of the year. At the time of this writing, the predictor is even seen odds of 50-50, when Solana rises above its current $293.31 record in 2025, but the predictor was bullish earlier this week, with nearly 65% chances as of Sunday.
Other factors say Gordon Grant, head of derivatives at Crypto Index Fund Manager. Decryption The massive distribution of FTX real estate that appears at the end of the month “threw cold water into the market.”
“In terms of short-term positioning, considering Sol has collected over 50% from the early August levels, a 15% pullback from $250 to $210 doesn’t feel extreme,” he said.
The FTX Recovery Trust said later last week it will begin distributing another $1.6 billion worth of funds to creditors at the end of the month.
Daily report Newsletter
Start daily with top news articles now. Plus original features, podcasts, videos and more.