Solana Squeeze Sparks $23.7M in Liquidations as Token Surges to $117
Solana's (SOL) recent surge has left short sellers reeling as they face liquidations totaling $23.7 million, according to KuCoin. The token has broken through a key resistance level and is now trading near $117.60, up 5.8% on the day.
The rally is part of a broader crypto recovery, with Bitcoin reclaiming $85,000 for the first time in eight months. However, Solana's move has its own drivers, including significant ETF inflows and a brutal short squeeze driving the price higher.
Over 90% of the pain from liquidations landed on traders betting against Solana, with $21.59 million coming from short positions against just $2.08 million in longs. Total liquidations are running at 1.22 times the seven-day average, indicating an active squeeze rather than a routine day.
ETF data shows that US spot Solana ETFs recorded $47.62M in net inflows on September 18, with Bitwise's BSOL driving almost all of it. This adds a more patient layer of demand underneath the market and indicates that ETF buyers are not getting forced out on a dip.