CoinJournal reported that cryptocurrency prices surged sharply on Friday as risk assets attempted to recover amid falling oil prices, with Solana SOL, Cardano #ADA and BNB #BNB leading the gainers, and the price of Bitcoin #BTC rose significantly, surpassing the $73,000 mark reaching $73,758.
This increase came alongside modest gains in U.S. stocks and a decline in oil prices, sharply shifting market sentiment to positivity. As these alternative currencies approach key price levels, short-sellers were surprised by this sharp upward movement.
Solana (SOL), Cardano (ADA), and BNB reach new levels
According to the site, Solana (SOL) recorded an increase of over 6% in the last 24 hours, surpassing the $92 mark, as investor confidence returned to the market. Cardano (ADA) also rose by about 5% to reach $0.28, bringing it back into the list of the top 10 cryptocurrencies by market capitalization, ahead of Hyperliquid.
Meanwhile, the price of BNB rose to about $675, gaining around 3% during the same period. This movement was accompanied by Ethereum (ETH) rising above the $2,200 mark during the session, supported by strong momentum from Bitcoin (BTC).
Wiped out $370 million from short positions in 24 hours
The site revealed that according to data from the CoinGlass platform, more than 93,680 traders were liquidated in the past 24 hours, with total liquidations exceeding $370 million. Bitcoin (BTC) accounted for the largest share, with over $154 million, while leveraged Ethereum (ETH) traders saw liquidated positions worth $115 million.
On the Hyperliquid platform, the largest individual liquidation in the BTC-USD pair was executed at $4.24 million, and the total liquidations of Solana (SOL) positions exceeded $20 million, with long positions accounting for only $2.4 million of this total.
The most affected speculators
According to the site, short sellers suffered the largest losses, with over $18 million in short positions on Solana (SOL) being wiped out, as the cryptocurrency's price volatility exceeded 8%. CoinGlass data showed the liquidation of more than 3,500 traders, with SOL surpassing the $91 mark.
In a related context, BNB positions recorded liquidations worth approximately $820,000, while Cardano (ADA) saw liquidation of positions of about $985,000. This acceleration in liquidations fueled the upward momentum, as forced buying injected additional liquidity into rising assets.
The impact of position liquidations on market momentum
The site noted that analysts say these cascades of liquidations can accelerate the pace of price increases, as forced buying resulting from margin calls injects additional liquidity into rising assets. This dynamic often appears in the early stages of stronger upward trends.
With ongoing geopolitical risks and fluctuations in oil prices, prices may remain volatile as traders continue to reposition. Analysts indicate that the market still faces challenges that may limit the sustainability of this momentum in the near term.
