Solana trades at $93.78 on Friday evening, down 6.7 percent within a day. Bitcoin gave up 4.9 percent over the same period, Ethereum 4.2 percent. Solana is therefore falling markedly harder than the two largest assets, and the daily low of $92.64 sits only a good one percent below the current level. Market capitalisation stands at $55.33 billion.
The documented fact: in the futures market of the OKX exchange, every account holding a short position is matched by 3.38 accounts holding a long position. On October 18 that ratio still stood at 2.24. Our own assessment follows further below: the imbalance leaves the price exposed to the downside, because leveraged long positions are not sold voluntarily when prices fall, but by force.
Where the price can point over a horizon of months is set out in our Solana price prediction. This article takes the short road: who is positioned how in the futures market right now, which mechanism turns that into a move lower, and which levels count over the next few hours.
Where Solana stands on Friday evening
In the 24 hours to Friday evening the range ran from $92.64 to $100.55. That is 8...
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