Solana logs 9B transactions as SOL loses $100 – What’s missing?

Is liquidity what’s missing from Solana’s recent weakness? From a technical perspective, SOL has performed extremely poorly in October, falling over 15%. The asset has seen its market cap fall by more than $10 billion to $58 billion and its price has fallen below the key $100 level. This may cause more panic selling to occur as macro uncertainty grows. However, is this weakness being caused by the overall altcoin market falling against Bitcoin, or “Solana-specific” outflows? The chart suggests that capital is flowing out of the altcoins overall with SOL/BTC down over 11% so far this month.