Solana's price has been under intense scrutiny in recent days, and the latest development has sent shockwaves through the market. The cryptocurrency has fallen below the crucial $80 level, marking a 6% decline over the past 24 hours.
This drop is significant, especially given the current state of the crypto market, which is experiencing extreme fear. This sentiment is reflected in the selling pressure on Solana, with many traders forced to close their positions as prices plummeted.
The total liquidations worth $21.31 million in the past 24 hours are a stark reminder of the market's volatility and the risks involved in trading cryptocurrencies like Solana. The fact that nearly $19.48 million came from long liquidations suggests that traders who expected the price to rise were caught off guard.
Adding to the selling pressure, a major Solana whale sold 50,000 SOL worth around $3.91 million at $78.27, and exchanged 44,805 SOL worth $3.5 million for 676.27 XAUT, a gold-backed digital asset. This transaction hints that large holders may be reducing exposure from Solana and shifting funds into safer assets.