Seeking Alpha
2023-01-30 23:01:46

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 .

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