Solana, Dogecoin, and Cardano Crash: $635M Liquidation Storm Rocks Crypto Markets

Crypto bloodbath—Solana, Dogecoin, and Cardano lead the nosedive as leveraged traders get wiped out.

### The Big Three Bleed

SOL, DOGE, and ADA aren’t just dipping—they’re freefalling. A $635 million liquidation tsunami hits overeager bulls who forgot markets don’t always go up.

### Leverage Wreckage

Futures traders got too cozy with 50x bets. Now, exchanges are sweeping up the remains—classic 'buy high, panic low' behavior.

### Silver Lining Playbook?

Volatility is crypto’s brand. Today’s apocalypse is tomorrow’s 'buying opportunity'—at least that’s what the bagholders will tweet.

Bonus jab: Wall Street still can’t decide if crypto’s a hedge or a hazard—meanwhile, it’s both, depending on the hour.

Solana, Cardano, and Dogecoin are leading the decline 

Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) are leading the decline among the top 10 crypto projects as a sudden sell-off wave hit the crypto market. The 24-hour drop in SOL, DOGE, and ADA averages around 7% while maintaining profits in the 30-day timeframe, reflecting the short-term nature of current volatility. 

Crypto market data. Source: CoinMarketCap

The drop in the crypto market is primarily driven by a profit-taking spree in Bitcoin (BTC) by new investors, resulting in realized profits of over $6 billion, and the delay in interest rate cuts due to the US Federal Reserve's wait-and-see decision amid tariff negotiations. 

Bearish takeover of the derivatives market

Amid the broader market meltdown, the bullish sentiment takes a hit with the massive wipeout of long positions. CoinGlass’ data shows $635 million of positions liquidated over the last 24 hours. Out of the total liquidations, long positions accounted for $577 million, compared to $58 million in shorts, indicating an exodus of bulls from the crypto market. 

Liquidation data. Source: Coinglass

Long liquidations in Solana, Cardano, and dogecoin reach $34.86 million, $5.74 million, and $18.37 million, compared to $22 million, $286,800, and $847,710 in short liquidations. This creates an imbalance of sell-side dominance, evident by a surge in bearish positions.

Total liquidation data. Source: Coinglass

Based on the long vs short positions, Solana short positions account for 51.96% outpacing 48.04% of long futures over the last 24 hours. Similarly, Cardano and Dogecoin short positions have surged to 52.48% and 51.88%, respectively. 

Futures Long vs Shorts. Source: Coinglass

Investor sentiment takes a hit

Investors remain on edge as traders increase bearish exposure in short-term volatility, resulting in a decline in sentiment. CoinMarketCap’s Crypto Fear and Greed Index, at 57, down from 62 on Thursday, indicates a sudden shift in investor sentiment. Still, the sentiment gauge remains NEAR a neutral level, suggesting that investors’ appetite is holding firm.

Crypto Fear and Greed Index. Source: CoinMarketCap