Solana Falls to Lowest Since Dec. 2023 as $88.4M Liquidates

Solana fell to its lowest price since December 2023 after about $88.45 million in leveraged SOL positions were liquidated over 24 hours. Liquidations totaled $83.53 million on long trades and $4.91 million on shorts, and 12,084 traders were closed out as intraday volatility exceeded 12%.

On-chain metrics show network activity had been declining for months. Daily active addresses peaked near 5.5 million in early February and were around 2.91 million before the recent drop. During spring, SOL traded in a roughly $78 to $95 range while active addresses fell.

Social indicators also weakened. Social volume for SOL was at 39, near the bottom of its three-month range, and social dominance measured about 0.687. A brief rise in social attention in mid-May coincided with a short price bounce that did not sustain wider rallies.

Weekly price data showed additional pressure. SOL closed the most recent weekly candle near $68.46, down about 17% for the week and at its lowest since December 2023. The price moved below the 0.786 Fibonacci retracement level at $73.31 and was rejected near a longer-term resistance zone around $100. Weekly trading volume declined and the weekly relative strength index entered bearish territory.

At the latest update, SOL traded near $68.53, down roughly 9% over 24 hours, with a market capitalization close to $39.6 billion, ranking seventh by market value. The liquidation totals, falling active addresses, lower social volume and bearish weekly technicals were recorded before and during the selloff.