Solana (SOL), Dogecoin (DOGE) In Spotlight As Crypto Liquidations Spike

Yesterday's crypto market saw over $568 million in liquidations, with Solana (SOL) and Dogecoin (DOGE) significantly impacted. This downturn followed US President Donald Trump's announcement of "Liberation Day" tariffs, further fueling market volatility. The substantial liquidations raise concerns about the future price movements of major altcoins like Solana and DOGE.

Current Crypto Liquidation Overview

The crypto market experienced significant turbulence, with massive liquidations signaling potential further losses. CoinGlass data revealed $568 million in liquidations yesterday. Bitcoin (BTC), Ethereum (ETH), SOL, XRP, and DOGE all suffered heavy losses. Bitcoin led with $105.04 million in losses, followed closely by Ethereum at $91.94 million. Over 193,000 traders were liquidated in a single day, primarily across Bybit, Binance, and OKX exchanges, suggesting a widespread impact on leveraged positions. The majority of these positions were long, indicating that many traders were not entirely unprepared for the price swings. Bybit experienced the largest single liquidation, totaling $186.39 million. This ranks among the largest single-day liquidation events of the year. Earlier, Bitcoin fell to a multi-month low, officially entering bear market territory after dropping over 20% from its all-time high of nearly $109,000 (achieved in January following President Trump's election victory).

Solana (SOL) and DOGE Liquidation Analysis

While Bitcoin and Ethereum led the overall sell-off, SOL and DOGE experienced the highest liquidations within the altcoin market. Solana saw $34.13 million in liquidations, with long traders losing $29.48 million and short traders losing $4.66 million.

Image Source: Coinglass

Dogecoin's 24-hour liquidations reached $11.14 million, with long traders accounting for $10.17 million and short traders less than a million. At the time of writing, Solana was trading at $118.98 (up 4.09% in 24 hours), and DOGE was at $0.1682 (up 6.01% in 24 hours).

Future Outlook for Solana and Dogecoin

Both Dogecoin and Solana show potential for rallies as investor interest shifts towards the altcoin market. Despite the daily chart decline, Solana exhibits surprisingly strong internal indicators. Daily trading volume surged over 99% to $6.55 billion, suggesting a potential shift in market momentum from bearish to bullish. Maintaining the $120 to $125 range is crucial for SOL; a break below could trigger a retest of the lower $110 range. DOGE shows indecision, hovering within its price range. The next support level is $0.145; breaking below this could lead to further decline. Conversely, overcoming the resistance at $0.207 (a level it struggled to surpass in March) could signal upward movement.

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