Solana (SOL) has recently experienced a significant price decline, falling below the $170 mark. This downturn is attributed to increased selling pressure following the approval of a spot Ethereum ETF in the U.S., which has shifted investor focus towards Ethereum. Additionally, a substantial unstaking event saw 3.5 million SOL tokens, valued at over $594 million, withdrawn between May 20 and 24, leading to temporary instability in Solana’s Proof of Stake network. Despite these challenges, analysts remain optimistic, suggesting that if SOL can reclaim the $210 level, it may set the stage for challenging previous highs.
