Solana Drops 15% to Two-Year Low After $16M Whale Liquidation — Can Bulls Hold $70?

Published at 2026-02-06 10:15:30

Solana (SOL) plunged roughly 15% on Friday, with on-chain data showing a single large long position fully liquidated and a realized loss near $16 million. The drop pushed prices to a two-year low and tested the psychological and technical support around $70, raising short-term downside risk for the token.

The liquidation highlights persistent leverage exposure in Solana's futures and margin markets and could accelerate volatility if stop-losses cascade. Traders will be watching futures open interest, funding rates and on-chain flow for signs of capitulation or incoming buy-side absorption. Holding $70 would give bulls a chance to stabilize; a decisive break could open lower technical targets and pressure risk sentiment across related markets.

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