The calm lasted only a moment in the crypto markets. On June 6, red still dominated the charts. But since then, some sector locomotives, like Solana and XRP, are regaining color. These abrupt and unpredictable fluctuations remind us that the crypto market remains one of the most nervous. Behind the curves lie silent battles, obscure transfers, and investors on a razor’s edge.
The Solana news: on June 3, 661,113 SOL were transferred, valued at 106 million dollars. This massive movement between two anonymous wallets immediately stirred crypto circles. For some, it signaled a pullback; for others, a restart.
The price of Solana reacted immediately. After a drop below $150, the crypto reached a technical support at $140. Since then, a rebound is emerging. According to analysts, the next resistance is at $160. This could validate a bullish reversal.
“The price of Solana bounced from the lower Bollinger Band and the 50% Fibonacci retracement,” explains a technical analysis report. The $140 zone has already played this support role several times.
From a fundamental perspective, no specific factor explains this transfer. But the psychological impact on the market remains strong. In this climate, Ethereum remains the benchmark indicator. And even if Ethereum was not directly impacted, contagion is always possible.
The crypto market remains sensitive to whale movements. Monitoring these transactions becomes essential to understand future shocks. Ethereum, Solana, and other major tokens often react by mimicry effect.
On June 4, the crypto market experienced a wave of liquidations, but none as violent as that of XRP. In one hour, a 721,735% surge in long liquidations wiped out $474,000 of long positions. This brutal movement turned a simple rise into a bloodbath.
XRP briefly rose from $2.27 to $2.36 before plunging below $2.29 — currently at $2.18. CoinGlass identified barely $65 of short liquidations, illustrating the shock’s asymmetry. Ryan Lee, analyst at Bitget Research, summarizes:
This kind of liquidation happens when volatility amplifies market fragility. Poorly calibrated leveraged positions become traps.
The market reaction was immediate. Ethereum and Bitcoin also suffered liquidations, respectively of $3.55 and $11.75 million. But XRP remains the most exposed asset. This imbalance could be linked to exaggerated positioning in the face of unfounded optimism.
Numbers to remember:
At the end of May, XRP was still in a critical zone with a historically high Open Interest. This overheating of positions had attracted analysts’ attention. The slightest imbalance could blow the safety valve. Recent events have confirmed this latent risk.
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