Why did solana drop today? Cryptos pause after rally this month

• Solana (SOL-USD) dropped 9.7% Monday evening to $23.72, taking a breather after more than doubling in value in over the past month, in line with the broader cryptocurrency market that was trading in the red.
• Bitcoin (BTC-USD) fell 4.4% to $22.72K, while ether (ETH-USD) slid 4.9% to $1.56K.
• Solana (SOL-USD) suffered major selling pressure in the aftermath of the FTX collapse, given its strong ties to exchange, affiliate Alameda Research and FTX cofounder Sam Bankman-Fried.
• The crypto currently ranks #11 on CoinMarketCap, with a live market cap of $8.82B, down 10% over Sunday.
• In other news, Solana decentralized finance platform Friktion shut down its user interface amid a liquidity crunch in the wake of the broader crypto downturn. Friktion urged users to withdraw their assets from its platform.
• SA contributor The Digital Trend said Solana (SOL-USD) has rallied very strongly since finding a bottom at $8 and expects it will make new all-time highs in the next crypto bull run.

• Now Read: Crypto investment products log fourth straight week of inflows- report

Source : bsc.news