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.

Source : bsc.news

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