Traders were moving capital from SOL to stablecoins suggesting profit taking, one analyst said in an interview. Solana (SOL) buckled Thursday almost 6% over the past 24 hours to $98 as the previous weeks' ecosystem frenzy and Solana-based meme coin rally showed signs of losing steam. With the latest decline, SOL extended its pullback to over 20% from $125 on Monday, its highest price since April 2022, CoinDesk data shows. At press time, SOL pared some of its losses and was changing hands at slightly above $100. Over the past three days, some $32 million worth of leveraged long positions ? bets on higher prices ? got liquidated as trading platforms forcibly closed trades due to insufficient margin, accelerating the pullback, CoinGlass data shows. Solana-based meme tokens such as BONK and WIF, which saw meteoric rises earlier this month, are down over 50% from their all-time highs recorded in December, pointing to profit taking and cooling interest in participating in the frenzy. Amid SOL's pullback, the BNB Smart Chain's native token (BNB) rallied 9% in the past 24 hours and took back the fourth spot in the cryptocurrency ranking by market capitalization from solana. Why Solana's SOL is down. Solana is one of the best-performing crypto assets of 2023 rallying 900% from around $10 in early January, rejuvenating its ecosystem after being one of the most beaten-down assets during the bear market. However, the token was due for a short term pullback as the rally showed signs of overheating based on elevated fund rates for derivatives positions, David Shuttleworth, research partner at Anagram, said in an interview via X direct messages. Trading data suggests traders were increasingly moving capital out of SOL to stablecoins, locking in profits or reducing their exposure to the token, Shuttleworth added. "There was a quick rebalancing against long positions, many of which were caught out of position and overleveraged," Shuttleworth told CoinDesk. https://www.coindesk.com/markets/2023/12/28/solanas-sol-dips-below-100-slips-back-behind-bnb-in-crypto-ranking/ #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #solana #solananews #solananewstoday #sol #solnews #solnewstoday #liquidations #liquidationsnews #liquidationsnewstoday #bnb #bnbnews #crypto ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could?ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, rippleMore Info