Solana Price Drops Sharply: SEC Scrutiny Raises Concerns for Staking ETFs

The Solana (SOL) price is facing significant challenges in June, experiencing a drop of 18% since mid-May, trading around $153.19 as of writing. This downturn follows the recent scrutiny of staking ETFs by the SEC. The surge of bearish sentiment was triggered after the SEC raised concerns over the legality of two proposed SOL-based ETFs filed by REX Shares and Osprey Funds on May 30th. 3% intraday drop happened due to rejection from the 50-Day EMA band.