Solana Surges Past $90 as Regulatory Framework Triggers Short Squeeze
Solana's price surged past $90 for the first time in months, reaching nearly 25% growth over the past seven days. This move follows the U.S. Securities and Exchange Commission's proposal of a new regulatory framework for crypto assets.
The spike above key resistance levels triggered a cascade of short liquidations across the market, with over $4.6 billion in short positions wiped out in just three days. August 18 alone saw $2.9 billion in liquidations, the 8th largest single-day wipeout in crypto market history.
An on-chain signal that previously preceded a major rally has reappeared, with a crossover between the 30-day and 50-day moving averages for daily active users. This same crossover last triggered a 70% SOL rally from $145 to $245 in just a few months.