Why Is Solana Falling Harder Than Bitcoin, Ethereum and XRP This Week?

Core Insights - Solana is underperforming compared to major cryptocurrencies like Bitcoin, Ethereum, and XRP, primarily due to its vulnerability during market deleveraging and profit-taking phases [1] - Recent forced selling in Solana derivatives contracts amounted to $31.6 million, which is lower than Ethereum's $68.5 million and Bitcoin's $52.2 million [2] - The market's reaction to bullish news regarding Solana's treasury holdings was characterized by a "buy the rumor, sell the news" dynamic, leading to a correction in prices [4] Market Performance - Solana's price has dropped approximately 3% in the last day and over 9% in the past week, currently trading at $213 [2] - Predictors on Myriad are uncertain about Solana reaching a new all-time high before year-end, with current odds at 50-50 for surpassing the previous record of $293.31 by 2025 [5] External Factors - The upcoming distribution of $1.6 billion from the FTX Recovery Trust to creditors is impacting market sentiment negatively [6][7] - Despite the recent pullback from $250 to $210, the 15% decline is not considered extreme given Solana's previous rally of over 50% since early August [6]