Can you derank from Legendary to Platinum?

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No. You cannot derank by losing at King of Games, Legend 1, Platinum 1, Gold 1, Silver 1, and any rank below Silver 1.

At the end of the season, though, everyone is demoted by 5 ranks.

Only the end of season you will derank to 5 to starting again.

Ive heard from a couple people that you can't derank.

no, I've been at legendary 1 this season and lost 6 or 7 games in a row and not gone down. with the new system you can't rank down from platinum or legend. so that is your time to experiment

"yes"