Recent events in the crypto market include sharp liquidations across the segment, with particular focus on altcoins Solana and Dogecoin.
Current Outlook on Crypto Liquidations
The cryptocurrency market has entered a phase of instability, with significant liquidations totaling $568 million over the last day. According to CoinGlass data, Bitcoin (BTC), Ethereum (ETH), SOL, XRP, and DOGE faced serious losses. Bitcoin, for instance, saw liquidations of $105.04 million, while Ethereum accounted for $91.94 million. More than 193,000 traders were liquidated in a single day, with the largest liquidations occurring on Bybit.
Liquidations of Solana and Dogecoin
Among altcoins, Solana and Dogecoin are also under pressure. SOL saw liquidations of $34.13 million, with long positions losing $29.48 million and short positions $4.66 million. Likewise, DOGE's liquidations reached $11.14 million, with long positions liquidated at $10.17 million and short positions under a million.
Future of Solana and Dogecoin Post Altcoin Shift
Despite the recent decline, there is potential for growth for both Solana and Dogecoin. Solana is showing strong internal indicators, with trading volume up 99% to $6.55 billion. To maintain short-term stability, SOL needs to hold in the $120-$125 range. DOGE, existing in a state of indecision, must also overcome the $0.207 level, which has been a tough resistance in previous rally attempts.
The current volatility in the crypto market raises questions about the future of altcoins, yet data analysis suggests that investors may see some opportunities amidst the changes.
