Solana Liquidation Skew: $24.8M Longs vs $1.2M Shorts in 24h

Solana derivatives are showing a pronounced liquidation skew: $24.8M of long positions were liquidated over 24 hours, compared with $1.2M of shorts. At a spot price of $111.82, total open interest stood at $5.4B after falling 2.3% in 24 hours, while trading volume rose 4.6%. The combination points to forced long deleveraging rather than a balanced two-way reset.

A separate report also discussed tighter upfront-cash requirements for Solana settlement. That context matters less for the immediate setup than the derivatives positioning, where the liquidation data is overwhelmingly directional.

Open interest is contracting unevenly

The exchange distribution shows where the remaining exposure is concentrated. Gate held the largest share at 18.1%, or $974.4M, despite a relatively modest 0.6% daily decline. Binance followed with 17.9%, or $964.9M, but its open interest dropped 3.5%. Bybit carried 13.1%, or $707.9M, and was the only major venue in this group with a positive 24-hour change, up 0.9%. Bitget represented 8.7%, or $469.5M, after declining 1.5%.

The contrast between Gate and Binance is important. Large balances remain on both venues, but Binance has experienced more aggressive deleveraging, while Bybit’s small increase suggests some exposure is still being added there. Across the measured venues, total open interest was $5.4B, down 2.3%, so the market has not yet shown the expansion normally associated with a durable upside reversal.

Liquidations are almost entirely long-side

The short-term windows make the imbalance even clearer. In the latest hour, long liquidations reached $4.3M while shorts accounted for only $5.3K. Over four hours, the split was $11.3M against $5.4K. The 12-hour window recorded $18.4M in long liquidations versus $232.5K in shorts, and the 24-hour total reached $24.8M versus $1.2M.

The largest individual events were also long-side liquidations clustered above the current market. Binance recorded a $786.0K SOLUSDT liquidation at $113.25, followed by $699.1K at $114.93 and $602.2K at $114.85. Additional large events appeared at $113.43 and $115.20. This creates a visible overhead zone: a rebound toward those prices could test whether former long leverage has been fully cleared or whether fresh supply appears again.

Accounts remain bullish while takers sell

The long/short ratio data reveals a second layer of stress. Across the headline measure, 71.0% of accounts were long, yet the taker reading was only 36.7% long. That gap means passive or existing account positioning remains bullish even as aggressive traders are predominantly selling.

Venue-level data confirms the split. Account longs stood at 68.9% on Binance, 68.1% on OKX, 72.8% on Bybit, 78.8% on Bitget and 66.4% on Gate. In contrast, taker longs were 41.9% on Binance, 39.5% on OKX and 28.6% on Gate. Funding was broadly positive at major venues, including Binance, OKX, Gate and Bitget, while CoinEx showed -0.6% and the overall funding average was negative. That combination suggests crowded account-level optimism coexisting with immediate sell-side execution pressure.

Verdict

The exclusive read is bearish-to-fragile while SOL remains below the $113.25-$115.20 liquidation band and open interest stays near $5.4B. A recovery through $115.20 accompanied by renewed open-interest growth would invalidate this liquidation-skew view by showing that demand is rebuilding rather than merely covering forced selling. Until that signal appears, the $111.82 market price, contracting OI and persistent account-versus-taker divergence favor further downside risk over a clean reversal.

Data as of 21:05 Beijing time on Oct 8, covering Binance, OKX, Bybit and other major venues.