Solana longs face $500M liquidation risk if price hits $129

Solana liquidity fell to bear market levels as its 30-day realized profit-to-loss ratio stayed below 1 since mid-November, and roughly $500 million of long positions could be liquidated if the token falls toward $129, according to Glassnode and CoinGlass.

Glassnode’s metric shows realized losses have outpaced profits for more than three weeks, a pattern tied to tighter trading conditions. Altcoin Vector described Solana as ‘under a full liquidity reset’ and wrote that similar signals have preceded ‘bottoming phases.’ The firm added: ‘If the pattern repeats April’s setup, reignition could take around four more weeks, lining up with early January.’

Market flows are split. Wallets have been moving Solana off exchanges, reducing readily available supply. At the same time, spot Solana ETFs have drawn $17.72 million in net inflows so far this week, close to last week’s $20.30 million, SoSoValue data show.

Leverage remains high across crypto. CoinGlass data show $428 million in liquidations across the market over the past 24 hours. With Solana up over 4% in that span, CoinGecko data show $15.6 million in Solana positions were closed, the third-largest total after Bitcoin and Ethereum. Liquidations picked up after Bitcoin rebounded.

At a price near $137, a drop of about 5.5% to $129 would trigger roughly $500 million in long liquidations on Solana, based on CoinGlass estimates.As we wrote previously, the Federal Reserve is set to decide rates on December 10 without the latest jobs and inflation reports because a government shutdown delayed them to mid-December. Economists expect a 25-basis-point cut-the third straight reduction-while the rate-setting committee remains divided on how much more easing to pursue.