Solana has been volatile over the past 30 days with declining open interest, but a quick price recovery could liquidate $125 million in short positions.
If Solana recovers as quickly as it has in recent times approximately $125 million in short positions will be liquidated.) dropped 5% in a day amid further FTX sell-off concerns, and current trader positions suggest $125 million is in jeopardy if it were to bounce back as it has in recent times.
The steep decline in OI typically signals that traders are uncertain about the cryptocurrency, and are not confident in taking positions on the asset’s price. Over the past 30 days, Solana has seen periods where its price has both dipped and recovered 5% within the same 24 hours. Similarly, if Solana’s price moves upward 5% to regain its May 7 price of $157, $125 million in short positions will be liquidated.
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