Solana has seen major declines that have led to an underperformance in comparison to other coins like Bitcoin, Ethereum, and XRP. According to on-chain data, Sol has declined by almost 10% this week. As per Coinglass, over the past 24 hours, market-wide liquidations exceeded $290 million, with highly leveraged and less liquid assets seeing sharper drawdowns. Solana derivatives contracts have accounted for $31.6 million worth of forced selling in the past day, compared to $68.5 million for Ethereum and $52.2 million for Bitcoin liquidations.