Solana Short Squeeze Wipes Out Over $33M as Price Surges
Solana's price surge has led to a massive short squeeze, wiping out over $33.8 million in short positions on Binance and other exchanges like OKX and Bybit.
The sudden rally saw SOL's price jump nearly 6% from around $75 a week ago to over $95, inflicting significant losses on bearish leveraged traders.
The concentrated short liquidity between $80 and $92 triggered cascading liquidations, driving the price higher and reinforcing the rally.