In the past 24 hours, the cryptocurrency market witnessed a roller-coaster-like movement, impacting both bearish and bullish traders. According to CoinGlass data, a total of $122.83 million in liquidated positions shook the market, with 66% being long positions and the remaining 34% representing shorts.
Amid this market turbulence, Solana (SOL) stood out by initiating a significant bearish liquidation mission. In the last 12 hours alone, SOL witnessed liquidations totaling $1.94 million, with a remarkable 87.1% originating from short positions. While bulls also faced losses, the damage amounted to a mere quarter of a million, delivering a sharp wake-up call to latecomers.
Currently, SOL is trading at $77.77 per token, marking a 6.45% increase from the day’s opening price. Despite a substantial 267% surge since October, Solana continues to show resilience on the market.
Solana dethrones XRP
In another noteworthy development, Solana has now claimed the coveted fifth spot among all crypto assets, as per CoinMarketCap, displacing XRP, a veteran player on the market.
With a current market capitalization of $33.24 billion, SOL’s ascent is nothing short of meteoric. Reflecting on the early 2023 FUD-induced anxiety when its market cap languished at $3.63 billion, Solana has defied expectations, boasting extraordinary growth of 915.7%.
Solana’s climb up the crypto ladder this year not only symbolizes its own resilience but also reflects a broader shift in market dynamics. As it solidifies its position among the top crypto assets, Solana’s impact during the current rally is undeniable.
