Solana (SOL) has surged past the $160 price mark, signaling a positive trend in the market.
On-chain analyst Ali predicted a potential $2.98 billion short position liquidation at Solana’s $176 price zone.
While the global crypto market turns green for the week with Bitcoin (BTC) climbing to $63,000, the leading altcoin Solana (SOL) breaches the $160 zone after five weeks of consolidation. This positive trend is fueling optimism among investors and analysts alike.
According to on-chain analyst @ali_charts, if Solana’s price reaches $176, it could trigger the liquidation of short positions worth approximately $2.98 billion. The liquidation of short positions can lead to a rapid increase in price due to a phenomenon known as a “short squeeze.”
When short positions are liquidated, those who have bet against the asset are forced to buy it back to cover their positions. This sudden buying pressure adds to the existing demand, pushing the price even higher. If SOL reach
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