Solana News Today: Solana Surges 6.25% as $11 Million in Shorts Liquidated

Solana (SOL) has recently surged past the $190 resistance level, marking a significant milestone for the cryptocurrency. This breakout was driven by forced liquidations of short positions, with over $11 million in shorts being liquidated as the price crossed $190. The largest single liquidation occurred at $188, valued at $1.13 million, adding to the upward pressure as traders moved to cover their positions. At the time of writing, SOL is trading at $191, reflecting a 6.25% increase over the last 24 hours and a 14.14% increase over the past week.

The move past $190 is particularly noteworthy because on-chain data indicates that this level was a major point where over 8 million SOL was previously acquired. Above $190, the supply becomes less dense, meaning fewer holders are positioned to sell. This reduction in resistance can allow the price to move with less friction. According to Glassnode, only 1.59% of the total supply was bought above $189, suggesting that if buying continues, the price could accelerate as fewer sellers are likely to step in at higher levels.

Institutional interest in Solana is also on the rise. SOL investment products attracted $39 million in inflows last week, placing it among the highest inflow totals for non-Bitcoin assets. This influx of institutional capital reflects growing attention from funds and asset managers, potentially driven by increased activity in Solana’s ecosystem, including the decentralized finance (DeFi) and non-fungible token (NFT) sectors.

Analysts are now focusing on whether SOL can sustain its position above $190. If the price holds, it could open the door for further gains, as the current momentum continues. While $185 remains a key level to watch on any potential dip, traders are increasingly looking higher as Solana pushes into a low-resistance zone. With volume rising and institutional support growing, market attention is centered on whether this breakout will carry forward, potentially setting the stage for a significant lift-off in SOL's price.