Solana price rebound fizzles
Notably, SOL/USD plunged nearly 17% to $30 a token, wiping almost all the gains from the day before. The SOL price volatility liquidated almost $10 million worth of contracts in the past 24 hours across multiple crypto exchanges, data from Coinglass shows.
SOL liquidation record since May 17. Source: Coinglass
The latest declines come as an extension to SOL’s broader correction, where it dropped by more than 90% after peaking out near $267 in November 2021. SOL also fell to its lowest level since July 2021 near $25.
In addition, a higher interest rate environment and the collapse of high-profile