Solana Price Approaches Resistance, FOMO Fuels Bull Run

Solana’s price has surged in tandem with Bitcoin and Ethereum’s recent rally. This large-cap altcoin saw a 17% price increase over the past week to reach around $173 on Friday, May 9th, coinciding with the later North American trading session. Following this volatility, Solana’s leveraged market experienced a net liquidation of about $31 million in the past 24 hours. On-chain liquidations on native perpetual exchanges also hit an all-time high of over $47 million within the same period. These events have increased the possibility of a short squeeze.