Solana Falls to December Lows After $88M in Liquidations

Solana slid to its lowest price since December 2023, trading near $68 after $88.45 million in leveraged SOL positions were liquidated over a 24-hour period. Long positions made up about $83.53 million of the total and short liquidations about $4.91 million. Market data recorded 12,084 traders liquidated as intraday volatility rose above 12%.

On-chain metrics showed falling network activity ahead of the price drop. Daily active Solana addresses peaked near 5.5 million in early February and were about 2.91 million in recent readings. During spring, SOL traded largely between $78 and $95 while active addresses trended lower; the recent break below that range occurred as usage declined.

Social metrics also weakened. Social volume fell to roughly 39, near the bottom of its three-month range, and Solana’s share of crypto conversation dropped to about 0.687 after a brief mid-May increase. Short spikes in chatter in recent months did not coincide with sustained buying activity.

Weekly chart data reflected the downward move. SOL closed the latest weekly candle near $68.46, down almost 17% for the week and the weakest weekly close since December 2023. The token moved below the 0.786 Fibonacci retracement at $73.31, which now acts as resistance, and was rejected at a longer-term resistance zone near $100. Weekly trading volume declined during the downswing and the weekly relative strength index entered bearish territory.

At the time of reporting, SOL traded near $68.53, down about 9% over 24 hours, with a market capitalization close to $39.6 billion, keeping it around the seventh-largest crypto by market value.