Solana (SOL) has reclaimed the spotlight in the crypto market, overtaking XRP in total liquidations as short sellers reel from the latest price rebound. The recent surge in Solana’s value has triggered a wave of forced liquidations, especially among those who bet against the asset.

Short Sellers Hit Hard on Solana

According to data from CoinGlass, Solana saw $14.69 million in total liquidations in the past 24 hours—$5.22 million more than XRP. The sharp increase in SOL’s price caused an uneven impact:

• Short traders lost $12.53 million,
• While long traders shed only $2.16 million.

The imbalance highlights how confident short sellers were before being caught off guard by Solana’s price jump from $117.62 to $124.34—a 4.85% rise, per CoinMarketCap. The strong rebound has sparked optimism that SOL could soon test the $130 resistance level.

Market Confidence Fuels Trading Volume

The significant price swing in Solana has also led to a rise in futures trading activity. Despite recent losses, the increased exposure to SOL shows that many speculative traders remain bullish on its short-term performance.

This trend reflects broader investor confidence, even among those accepting higher risk, as trading volumes continue to climb alongside SOL’s price.

XRP Liquidations Follow Similar Trend

While Solana led in liquidations, XRP wasn’t far behind. The asset recorded $5.22 million in total liquidations, split between:

• $3.38 million from short positions,
• And $1.84 million from long positions.

The parallel liquidation pattern across altcoins shows that bearish sentiment was widespread, with short sellers misreading market momentum across the board.

Broader Crypto Market Sees Bullish Turn

The overall crypto market cap rose 1.41% in the same 24-hour period, suggesting a mild recovery. This shift comes as the broader financial markets adjust to the temporary suspension of certain trade tariffs, which had previously darkened investor sentiment.

The resulting relief rally in the crypto space may offer more upside—especially for altcoins like Solana that have shown resilience.