SOL is now a "liquidation game"

First, talk about the margin call: 31.3 million was liquidated in 24 hours, with 30.41 million from shorts

· The short-sellers were heavily squeezed, pushing the price to 93–94.
· The longs only lost 890k, hardly hurt at all.

👉 This wave was aimed at squeezing the shorts, so the move was very aggressive.

Looking at the positions: longs and shorts seem about even

· Long positions are 133 million, short positions are 141 million, with little difference.
· But longs lost 6.42 million, shorts gained 1.17 million.

But! The most secret information is coming:

SOL in the $100–200 range still has a bunch of whale longs (those who jumped in at high levels).
These people have been trapped for a long time, waiting for a chance to exit.
Now the price just hit 94, still far from their cost basis, so they are not moving yet.

Once the price continues upward toward around 100, these whales will start dumping madly.
The selling pressure will burst like a floodgate.

What are the whales doing now (93.5–94):

· The smart money that bought low is now selling, some are even opening shorts.
· The trapped longs at high levels are pretending to be dead, waiting to exit.

Conclusion:

Short-term rally is basically over, 94 is the divergence point.
Going higher will face the army of longs trapped between 100–200, with great difficulty.

· Spot: Don’t chase the high, beware of whales dumping.
· Futures: Neither longs nor shorts should get too emotional, likely to see sideways movement or a pullback.

One sentence: squeezing the shorts is just the appetizer, the real selling pressure has not yet arrived.
$SOL