Solana (SOL), a prominent cryptocurrency, has experienced a sharp decline recently, dropping by 13% over the past week and further losing 3.16% in the last 24 hours. This drop reverses some of SOL’s recent gains, raising questions about its future trajectory. The broader cryptocurrency market is also facing downward pressure, with Bitcoin and other major cryptocurrencies experiencing similar drops. Crypto derivatives traders have liquidated $270 million worth of positions recently, with leveraged longs accounting for $161 million in losses. 3.16% decrease in the past 24 hours takes SOL price down to $125.58 after a period where it traded between $122 and $130.