The crypto market is facing one of its most violent shakeouts in recent weeks, with major cryptocurrencies like XRP, Solana (SOL) and Cardano (ADA) recording significant losses.

A staggering 1,078% spike in crypto liquidations over the last 24 hours has wiped out $1.44 billion in positions, according to CoinGlass data, sending shockwaves across the digital asset space. Longs took the heavier hit, with $1.22 billion wiped out compared to $220 million in shorts.

Crypto liquidation refers to the process of forcibly closing a trader's positions on the cryptocurrency market. It occurs when a trader's margin account can no longer fund their open positions due to severe losses or a lack of sufficient margin to meet maintenance obligations.

Bitcoin traders betting on higher prices lost more than $411 million, while those speculating on Ethereum (ETH) lost about $349 million. Futures tracking Solana's SOL and XRP experienced exceptionally significant total liquidations of $74.16 million and $70.98 million, respectively.

XRP, SOL, ADA in red as market sell-off escalates

Crypto majors are reeling from a wave of volatility, with XRP, Cardano (ADA) and Solana (SOL) falling below key technical levels early Monday.

At press time, XRP had fallen 14.71% in the previous 24 hours to $1.77 and had slipped below its 200-day moving average — a key technical support level — increasing concerns about further declines to $1.75.

XRP, in the process, has breached the much-watched $2 level. This breakdown completes a bearish head-and-shoulders pattern, indicating probable additional downside.

SOL, meanwhile, temporarily fell below $100, representing a 64% decline from its all-time peak. At press time, SOL was down 14% in the previous 24 hours to $101.12.

Cardano's ADA is trading at 0.545, down 13.41% in the last 24 hours and on track for its third straight day of losses, with intraday lows of $0.51. Cardano is currently below its 50-day SMA, which had been a significant support for the price since mid-March. This move on the daily chart is part of a larger descending triangle pattern, implying that bearish pressure might persist.