Solana Traders Lean Long as Binance Ratio Soars, Signaling Bullish Momentum

Fresh data from Coinglass shows traders overwhelmingly backing Solana (SOL), hinting at a potential price upswing. On Binance, the SOL/USDT long-to-short ratio stands at 3.07, meaning long positions outnumber shorts by more than three to one. Confidence is even stronger on OKX with a ratio of 3.62. Across all exchanges, account-based ratios sit at 2.89, while position-based ratios hit 1.96, underscoring broad optimism from both retail and institutional participants.

Despite this bullish skew, the 24-hour aggregate long/short ratio is 0.95, reflecting overall market balance. Exchange-specific figures, however, highlight Solana’s stronger appeal. Derivatives volume surged 35% to $13.87 billion, yet open interest slid 7.34%, suggesting some traders locked in profits or trimmed risk. Options activity paints a similar picture: volume jumped almost 50% to $1.51 million, while open interest dropped 22%, implying a preference for short-term bullish bets over long-term hedges.

Liquidation data adds nuance. Roughly $30 million in positions were wiped out over the past day, with longs absorbing $26.92 million in losses versus just $3.5 million for shorts. Although this seems bearish, it often signals a washout of over-leveraged longs, clearing the path for healthier upside momentum. One-hour and four-hour intervals confirm minimal short liquidations—under $200,000—indicating bears had largely exited before volatility struck.

The robust long/short ratios, rising on-chain activity, and growing ETF chatter support a near-term bullish thesis for SOL. With prices consolidating after the shakeout, the current range may offer an attractive entry for momentum traders and long-term holders alike. Coinbase’s recent MiCA registration underscores how regulatory clarity can unlock fresh opportunities, potentially amplifying Solana’s appeal as crypto markets evolve.