After hitting a new multiyear low last week, popular cryptocurrency Solana (CRYPTO: SOL) is rebounding nicely today. As of 1 p.m. ET, Solana has surged 15.5% higher over the past 24 hours, marking fresh weekly highs.

Today's move appears to be tied to significant liquidations of short positions in SOL, driven by renewed interest in the Solana ecosystem (and in particular, Solana-based NFTs). An airdrop tied to a new Shiba Inu-themed meme token (BONK) is set to take place, which has once again enticed NFT investors to the Solana blockchain to earn these rewards, driving renewed bullish interest in Solana.

Approximately $8.9 million in short liquidations have taken place over the past 24 hours for Solana. This is the largest short liquidation in more than a month, and has undoubtedly exacerbated today's move to the upside. 

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Source Fool.com