$17M Shorts Wiped Out As Solana Price Breaks $220

Over $17 million in shorts liquidated as the Solana Price broke above $220. That level had not been seen in eight months, and it immediately triggered a wave of forced position closures. Traders betting against the move were caught on the wrong side, and those liquidations added further upward pressure. From June lows near 125, the recovery has been sharp, showing how quickly sentiment can flip in this market.

On-Chain Perps Surpass Centralized Exchanges In Liquidations

What stands out most is the venue where these liquidations took place. On-chain perps now consistently handle more activity than centralized exchanges. Data from the recent move shows 37.4 million in on-chain liquidations against 20.9 million on centralized exchanges. That gap, almost 80 percent higher on decentralized platforms, confirms that liquidations lead is firmly shifting away from the old model for solana price. This is not a one-off. In May, on-chain liquidations hit 47 million while centralized exchanges saw 31 million. The trend is clear, and it is accelerating.

Solana Price Rally Driven By Drift Protocol And DeFi Growth

The Solana price rally is happening alongside the rise of platforms like Drift Protocol, which already processes billions in monthly trading volume. With more than a billion locked in value, it has become the main driver of decentralized perpetuals for Solana. These numbers show that what was once considered experimental infrastructure is now carrying institutional-scale flows. In practical terms, traders are trusting on-chain systems to handle big moves, and the platforms are proving they can keep up.

Institutional adoption strengthens this shift. A Nasdaq-listed enterprise now holds around 95 million dollars worth of Solana price, making it one of the largest holders. Another firm committed 1.6 billion to treasury reserves, joined by well-known investment players like Multicoin Capital and Galaxy Digital. The first Solana staking ETF in the US pushed futures open interest on CME to 1.5 billion, which is a meaningful marker of traditional finance stepping in. Even DeFi-focused investment companies are accumulating tens of millions in Solana. These moves matter because they signal confidence at a level retail flows alone cannot sustain.

Analysts Target $250-$350 For Solana Price In Near Term

Analysts suggest targets of 250 to 300 in the near term, with some projecting as high as 350 if current momentum continues. That is not guaranteed, but the structure supports the case. With shorts liquidated at scale and liquidations leading to on-chain venues, price discovery is no longer controlled by centralized exchanges alone. This evolution changes how liquidity builds and how quickly reversals can happen.

Centralized To Decentralized Trading Platforms Accelerates

At a broader level, this shift is not unique to Solana. Across the crypto market, decentralized trading is rising while centralized platforms lose ground. Volumes on DEXs are up while CEXs are down, and the DEX to CEX ratio reached its highest point ever in the last quarter. Traders are clearly valuing more direct control and transparency around Solana price. Solana is just one of the clearest examples because of how dramatic its short liquidations have been.

Shorts liquidated at scale reflect not just price strength but also where the trading ecosystem is evolving. On-chain perps now dominate liquidation flows, while centralized exchanges take a secondary role. Institutional adoption only adds weight to this shift.