As some altcoins experience price recovery in the cryptocurrency market, there have been huge liquidations with short traders experiencing losses. Solana (SOL) traders who bet short on the asset have seen a relatively intense liquidation in the past 24 hours.
According to CoinGlass data, SOL has witnessed $14.69 million in total liquidations over the period, which is $5.22 million more than the volume recorded on XRP.
The liquidation trend on Solana shows a massive imbalance as short position traders registered over five times more losses than long traders.
Investors who bet short on the price of SOL lost $12.53 million following the coin's rebound, while long traders only lost $2.16 million.
According to CoinMarketCap data, SOL's price has increased 4.85% to $124.34 as of this writing. Solana’s jump from a low of $117.62 is considered impressive, and market participants hope the momentum can be sustained. If the momentum is sustained, the price could breach the $130 resistance level.
The significant rebound resulted in the overexposure of short traders and the accompanying loss suffered. However, the figures also suggest that more risk-loving futures traders believe in SOL's potential for the rally. This trend was showcased with a surge in trading volume from market participants.
Interestingly, the market rebound did not only impact Solana short traders but also other altcoins, including XRP. In the same period, XRP’s liquidation stood at $5.22 million.
Of this volume, long position traders lost $1.84 million, while those betting short on XRP experienced losses of $3.38 million.
These general losses on the part of short-position traders might have been caused by bearish sentiments in the broader financial market.
The market's mood became gloomy as the impact of the now-suspended trade tariff hit the financial space.
The digital currency market is witnessing an uptick, with a combined market cap increase of 1.41% in the last 24 hours.
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