Solana Price Plummets Below $100 Support, Triggers $10M in Long Liquidations

Solana's price breached the $100 support level and fell to as low as $98 before slightly rebounding, according to data from KuCoin. This decline led to over $10 million in long liquidations, causing a wave of panic exits among traders.

The drop also pushed Solana below its 9-day and 21-day Moving Averages, indicating growing short-term bearish pressure. The Derivatives market turned red as investors increased selling significantly, with the Derivatives volume dropping 8% to $7.1 billion and Open Interest falling 3%.

However, it's unclear whether institutional investors specifically reduced their exposure to Solana. Futures Outflows reached $1.78 billion, exceeding Futures Inflows of $1.69 billion, while Futures Netflow fell to -$86 million.