- Following the confirmation of an untrue XRP development, the SOL price fell to $54.
- Long positions worth almost $5 million were liquidated as Open Interest dropped.
- The SOL price may fall to $50 but a recovery may be forthcoming in a short while.
Traders who opened several Solana (SOL) futures positions with the hope of making profits from the price movement were hit with a surprise on November 13. This was because the SOL price, which has solidly moved in the upward direction for weeks, suddenly tumbled.
According to CoinMarketCap, SOL’s price was $54.66 at press time. This value constitutes a 6.37% decrease in the last 24 hours. For many participants in the crypto market, the plunge was caused by the news that the initial Ripple (XRP) ETF appearance was a rumor.
SOL Follows BTC and ETH
Not only did XRP and SOL feel the heat, but Bitcoin (BTC) and Ethereum (ETH) were also affected. Based on Coinglass data, BTC and ETH had the highest amount of liquidations in the last 24 hours.
But following them closely behind was SOL which forced a $12.64 million wipeout within the same period.
Crypto Market Liquidation Heatmap (Source: Coinglass)
A close l…
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