Solana’s 8,392% Liquidation Disaster! 💸🔥

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Behold, the mighty Solana (SOL), once a titan among cryptocurrencies, now lies prostrate, its market capitalization a shadow of its former self. The bears, those relentless vultures, have cast their grim shadow over the bulls, whose pockets now echo with the hollow clink of lost fortunes. 📉💸 Oh, what a tragicomedy! The 12-hour reset was nothing short of a bloodbath, where hope was liquidated faster than a drunk sailor’s wallet. 🩸

Solana’s oversold signals fail to prevent sharp drop

As per CoinGlass data, long position traders saw $4.94 million wiped out within the period, leading to an 8,392% liquidation imbalance. 🤯 What a cruel joke! The market’s mercy is as fleeting as a moth’s flight. 🐝

Notably, Solana had shown signs of breaching its death cross range between $124.11 and $125.42, as it changed hands at $125.28. This likely sparked hopes of a further increase among bulls who bet on the coin’s uptick. 🐍 But alas, hope is a fickle mistress, and the bulls were left grasping at shadows. 🌫️

Additionally, with Solana’s Relative Strength Index (RSI) oscillating between 37 and 39, SOL is signaling mildly oversold conditions. Unfortunately, the coin lacked momentum to push for higher price levels despite its volume spike at the time. 📈 A classic case of “almost there, but no cigar!” 🎯

However, market volatility plunged SOL further down to a low of $120.78, triggering severe liquidation across the chain. Market analysis indicates that Solana responded to broader market risk aversion as the exchange-traded fund (ETF) outflow of both Bitcoin and Ethereum impacted it. 🚫💸 The crypto world is a circus, and Solana is the clown who forgot his punchline. 🤡

This affected other altcoins such as Cardano and XRP, as they generally underperformed within the last 24 hours. 📉 A domino effect of despair! 🌪️

As of press time, Solana changed hands at $121.43, which represents a 0.8% decline within this time frame. The trading volume, which suggested a possible recovery, has also suffered a decline of 14.93% to $2.74 billion. 📊 A recovery? More like a slow, painful death. 😪

It is worth mentioning that short-position traders did not escape losses. They recorded a mild liquidation of $58,170 as prices initially breached the $125 mark. 🤯 Even the short sellers are now part of the tragedy. 🎭

Although Solana’s oversold conditions could see the coin rebound at any time, volatility might continue to derail its price. A more sustainable uptick rests on Bitcoin’s stability in the broader crypto market space. 🚀 But Bitcoin? It’s as reliable as a teakettle on a volcano. 🔥

Network milestones offer long-term hope amid volatility

Despite the turbulence that SOL is facing with the price, a Solana researcher, “nxxn” on X, has decided to focus on the positive accomplishments of the blockchain. He highlighted some of those to include the approval and launch of several Solana ETs. 🎉 What a ray of sunshine in this bleak landscape! ☀️

Other notable wins were the launch of Solana Seeker, FireDancer going live on mainnet and Coinbase exchange integrating SOL-based tokens. This has made millions of assets across Solana accessible to users on the Coinbase platform. 🏦 A silver lining, though it’s buried under a mountain of despair. 🌪️

Meanwhile, there are positive conversations between Cardano and Solana founders to establish a cross-chain bridge across the two networks. The move is significant given the history of rivalry that previously existed between them. 🤝 A truce? Perhaps, but only if the rivalry is as dead as a doornail. 🧟‍♂️

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2025-12-24 19:54