More Than $350 Million Liquidated as Happy Traders Take Profits

DeFi YAM token implodes

As another week starts, the ever buzzing market is in its acts again. The last 24 hours started more promising and led many to believe that this will be the most bullish week of the year. Sadly, the market was unable to stay off the bearish sentiment as it was hit by a progressing sell-off.

One such coin that performs excellently at the start of the intraday trading session is Solana. Following Coinfomania report of its all-time high at $64.4, the now tenth coin by market cap according to Coinmarketcap maintained its upward trajectory as it cruised past the $68 mark to record a new all-time high of $68.8.

No doubt the recent surge in solana price is still attributed to the launch of Degenerate Ape Academy—a non-fungible token (NFT) project built on the Solana blockchain on Sunday.

Once the sellers’ congestion hit, Solana dipped as low as $62.1. As of the time of writing the SOL/USD pair has not fully recovered as it is currently trading at $64.9. Bitcoin was not left out of the price drop as it lost 2% over the last 24 hours.

The swing in market sentiment resulted in traders losing $357 million. This figure is the total amount that 93,717 traders lost during the last 24 hours. Nonetheless, 68% of the total liquidation today is from long positions. The bulls lost $250 million.

As per the report, the largest single liquidation is from Bybit as a trader lost a whopping $5.8 million. Bitcoin is the most traded asset as a total of $106 million was liquidated on the King coin.

The gradual depreciation of the prices of various cryptos is reflected on the global market cap as it lost 2% in the last 24 hours and is currently worth $1.98 trillion. The next 24 will be very interesting as the bulls will attempt a comeback and possibly end the day better than the previous.

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