$SOL Price Risks $111M Long Liquidations Below $160

Solana’s liquidation map shows that $111 million in cumulative long leverage is positioned around $158, which is slightly below the current price of $160.
The above data shows that if the Solana price drops to this level, it will cause a cascade of long liquidations that could intensify the selling pressure due to long buyers closing their positions. This downtrend may push SOL to multi-week lows.
Conversely, there is a looming short squeeze if buyers step in now to buy the dip after the recent crypto market crash. If $SOL price can bounce to $164, $139M short positions will be closed, and the resulting buying pressure will extend the upward rally.
Moreover, traders are increasingly opening short positions on Solana, which is raising the chances of a short squeeze happening. The long/short ratio has plunged to 0.89, its lowest level in over a month, as short sellers open new$SOL positions.
At the same time, data from Coinglass shows that SOL funding rates have also flipped negative, signaling that short sellers are paying to maintain their positions.