After an impressive price rally between May 15 and 22, the Solana had seen a massive drop and has declined for days now. However, this is not all, as the altcoin has both the bulls and bears active in the chart, and the charts can shift in any direction in the next few hours, indicating a crucial time for Solana price.
Earlier, Solana surged to the month high of $187.39, aiming to target the March high, but the instant drop has pushed Solana back to the beginning.
In this blog, let us discuss why Solana’s price is dropping constantly and whether it will surge or drop next.
Why Is Solana Price Declining?
Solana charts started to indicate the possibility of a decline after its biggest competitors’ ETF approval rumors hit the market. The Bloomberg analysts earlier claimed the chances of Ethereum ETF approval have increased to 75% because of few hints from the SEC, and the result also came following that. This pushed the Solana price even further to as low as $163.38. Regardles
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