- Solana (SOL), XRP, and Dogecoin (DOGE) are leading a sharp altcoin recovery after over $1.2 billion in crypto liquidations triggered by U.S. military strikes on Iran.
- Analysts say the swift rebound reflects growing institutional interest, strong network fundamentals, and optimism that the geopolitical impact will remain contained.
The cryptocurrency market is showing signs of resilience after a turbulent weekend that saw over $1.2 billion in liquidations, triggered by U.S. military strikes on Iran’s nuclear facilities. Panic selling led to a cascade of forced liquidations, with Bitcoin and Ethereum leading the losses.
However, altcoins such as Solana (SOL), XRP, and Dogecoin (DOGE) are bouncing back swiftly, signaling a potential recovery in the broader altcoin space.
Solana, XRP, and DOGE were among the hardest-hit assets, facing liquidation totals of $28 million, $21 million, and over $25 million respectively. Over $595 million in positions were wiped out on Saturday alone, followed by an additional $642 million on Sunday. These liquidations, primarily from leveraged traders, marked some of the largest two-day wipeouts in recent months.
Despite the sell-off, analysts say the market is beginning to stabilize. By Monday, Bitcoin had recovered to around $101,237, Ethereum hovered near $2,236, and altcoins like SOL, XRP, and DOGE began reclaiming lost ground. Solana edged back to $133, XRP traded above $2.00, and DOGE climbed toward $0.15.
The swift rebound suggests that traders view the liquidation-driven dip as a buying opportunity, with spot buying returning and leveraged positions being recalibrated. Analysts believe institutional capital and positive sentiment around growing blockchain use cases are contributing to the rapid turnaround.
While Bitcoin’s volatility has been the focus after the U.S.-Iran escalation, the altcoin market is showing signs of divergent strength,
said Eugene Cheung, Chief Commercial Officer at OSL.
He added that Solana and other Layer 1 networks are benefitting from increased developer activity and speculation around potential ETF approvals.
Meanwhile, XRP continues to draw attention due to its legal clarity in the U.S. and expanding cross-border utility, while Dogecoin maintains its cultural momentum and high liquidity appeal.
Jeff Mei, COO at BTSE, noted that the geopolitical risks are real but appear to be contained for now.
The market is fairly optimistic that the Iran-Israeli conflict will remain muted and its economic impact will be locally contained,
Mei said.
We expect Iran may retaliate to some extent, but it will likely be limited to avoid triggering broader conflict.
Still, global markets remain on edge, especially with the risk of oil flow disruptions through the Strait of Hormuz—a key economic artery. Any escalation could spark new volatility across risk assets, including crypto.
For now, though, the sharp recovery in altcoins like SOL, XRP, and DOGE offers a hopeful signal that despite macro shocks, crypto markets remain in a broader uptrend—with liquidations providing potential entry points for opportunistic traders.