Solana (SOL) Longs Seek Recovery After $60 Million Liquidation Setback 📉
Solana (SOL) traders believe the altcoin's recent price drop is temporary, with longs currently outpacing shorts, indicating a bullish sentiment. The Long/Short ratio stands at 1.14, signifying more optimistic traders than pessimistic ones.
Despite this confidence, the cryptocurrency market recently experienced significant liquidations amounting to approximately $60 million.
Most of this came from long positions when Solana's price dipped below $215. Technically, SOL continues to struggle below benchmark Exponential Moving Averages, hinting at ongoing bearish trends.
However, a further increase in buying pressure could potentially reverse this course, pushing the SOL price back up towards $264.66.
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