The popular altcoin of the last days fell hard!

Solana (SOL), which benefited greatly from the positive mood in the market in October, continues its price movement that diverges from the market.

The cryptocurrency, which peaked at $46.45 in November, the highest value in the last 15 months, continued its correction since yesterday after a rapid retreat on the same day, falling 18% from its peak level to $38. Although this decline in a short period of time is well above the market average, it can be considered a partial retracement for the cryptocurrency, which has increased in value by 110% in the last 15 days.

When we look at the cryptocurrency market in general, it is seen that seller-weighted transactions are predominant in the market as we enter the weekend. While this is considered as profit sales by short-term investors for now, it was seen that sales were replaced by purchases after the US Non-Farm Payrolls data was announced in the last hour. In fact, the employment data showed that the effects of the tightening monetary policy in the US economy continued, coming in at 150K, below the 180K expectation. This may be a factor that increases the risk appetite while strengthening the view that the Fed may hold off its interest rate move in December.

If we go back to Solana's situation; It is gaining weight that the reason for the retreat in the cryptocurrency, which has risen rapidly in recent days, may be FTX-induced. Blockchain data provider Lookonchain mentioned in a post on X that FTX sold $221.7 million in assets as of today. While half of these assets were found to consist of SOL tokens, it is emphasized that the sales triggered the correction. On the other hand, the rapid rise has also whetted the appetite of crypto futures traders, with CoinGlass data revealing that buy (long) positions exceeded sell (short) positions in Solana contracts near the peak.

After these factors, which are thought to have triggered the correction, SOL is currently seeing support at $ 38, while it is on the rise again towards the $ 39 band.

Looking at the rest of the market, Bitcoin made a move towards $ 34,300 after the employment data after falling to $ 34,100 in the day-long sales. Ethereum, after sliding below $ 1,800 with today's sales, largely recovered its intraday losses and headed towards $ 1,800 again.

The total market capitalization continues to hover at $ 1.3 trillion. The average trading volume for the last 24 hours is now close to $ 60 billion, up 44% since yesterday.