Solana recorded over $300 million in long position liquidations, with the largest reaching around $6.69 million near $73, reflecting concentrated pressure in the derivatives market. During the session, traders reduced risk amid the SOL price drop, generating high daily trading volume.
Solana trades at $86.9 per token, after a 3.7% recovery in the past hours, with volume up 44% to $13.7 billion, according to CoinMarketCap. The circulating supply remains near 570 million tokens, and the market capitalization is around $47.5 billion.
Key resistance sits near $89.61. If Solana fails to surpass that level, downside targets remain at $70 and $62. On the weekly timeframe, the decline confirmed a Head-and-Shoulders pattern with a neckline at $120–$125, establishing immediate support at $100 and $80. A decisive break below $80 would open the $60–$65 zone.
The market continues to be affected by massive liquidations and active trader participation.
Source: https://x.com/SolanaFloor/status/2019735479869169923
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