The meme coin turmoil has drastically reduced the long and short positions of SOL in the futures market, indicating a bearish turn in the market

As the number of Meme coin scandals continues to increase, market sentiment is falling, and traders are increasingly preparing for a drop in SOL. According to data from Coinalyze, on February 17th, the ratio of long to short positions in SOL on cryptocurrency futures exchanges dropped from 4 to 2.5, indicating that the entire market tends to be bearish on SOL.

Anonymous crypto KOL Tyler Durden posted on X saying: "The market has decided to vent its anger at Solana." Durden cited data from Binance's perpetual futures trading platform showing that the ratio of short-to-long positions in Binance's SOL has risen to 4:1, indicating an overabundance of bearish bets. (Cointelegraph)