SOL Token Plunges 15% as $605M Liquidations and Net Outflows Signal Bearish Shift

Solana (SOLUSDT) experienced a sharp decline in the past 24 hours, with the price falling 15.27% to 76.97 USDT on Binance. This price drop is primarily attributed to widespread market liquidations totaling over $605 million, which impacted major cryptocurrencies and led to a wave of forced selling, especially in long positions. Contributing factors include Solana’s shift to a confirmed downtrend as the price broke below the 200-day EMA for the first time in nearly a year, an 8.6% single-day loss earlier in February, and significant net outflows of $485 million from Solana-linked investment products as investors rotated into perceived safer assets.

Currently, Solana ranks among the top cryptocurrencies by market capitalization, with recent daily trading volume surging 50% to $11.58 billion, reflecting elevated market activity amid heightened volatility. Despite notable ecosystem developments and increased on-chain activity, the overall market structure remains bearish, reinforced by technical breakdowns and extreme fear sentiment.