- Solana bounces back, surging 8% after a brief drop, proving its resilience.
- Investors face losses as $10.32 million in long positions and $8.43 million in short positions are liquidated due to SOL’s rise.
- SOL remains the fifth-largest crypto, gaining $4 billion in market cap in 24 hours.
Solana (SOL) has once again astounded the cryptocurrency sphere with a powerful resurgence, catapulting over 8% to reclaim its coveted $100 milestone. This feat comes on the heels of a brief downturn where the token experienced a 16.3% drop, plummeting from its heights of $121.44 to $97.33.
Despite concerns and premature speculations about its demise, Solana‘s resilience emerged triumphant, swiftly recapturing its triple-digit status and surging a noteworthy $7 beyond the psychological barrier of $100. The crypto roller coaster didn’t spare either side of the market, witnessing significant losses for both bullish enthusiasts and bearish investors.
Long positions took a substantial hit, facing liquidation to the tune of $10.32 million. Meanwhile, short positions also felt the squeeze, with $8.43 million worth being liquidated amid SOL’s rally.
Amid this tumultuous ride, Solana retains its stronghold as the fifth-largest cryptocurrency by market capitalization, currently standing tall at an impressive $46.21 billion. The surge added an astonishing $4 billion to its market cap within a mere 24-hour span, reigniting discussions and speculations regarding its sustainability and potential for the upcoming year.
This remarkable comeback and subsequent surge have left market participants in awe. As the crypto world braces for the turn of the year, all eyes remain fixated on Solana, waiting in anticipation to witness whether it can continue this extraordinary journey and defy market odds.
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