Solana, Dogecoin and Others Lead Gains as Short Liquidations Top $260M

Crypto markets rebounded over the weekend, with Solana, Dogecoin, Cardano, Ethereum, and XRP among the top gainers, each rising between 3% and 4%. This rebound has partially reversed losses from the previous week, driven in part by significant short covering as nearly $260 million in short positions were liquidated, contributing to a total of $345 million in liquidations. Analysts note that the uptick in Bitcoin triggered this short covering, pushing altcoin prices higher. Shivam Thakral, CEO of BuyUcoin, mentioned that despite the overall bullish sentiment, prices may consolidate before capital starts to flow into select altcoin sectors in the fourth quarter. Meanwhile, U.S. spot Bitcoin exchange-traded funds saw significant outflows recently, indicating potential caution in the market. Moving forward, sectors such as Layer 2, AI, and staking derivatives may attract investor interest, according to market observers.

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