SOL Price Drops Amidst Broader Crypto Dip: What’s Driving the Fall?

Solana (SOL) price experienced a notable dip on October 6th, falling nearly 4% to $225.67 despite positive market trends in other cryptocurrencies. The drop follows a strong weekly gain of 8.7%, suggesting increased selling pressure. Key factors driving the Solana price decline include: high trading volume (up 31.8%), signaling intense market activity, and an anticipated decision on spot SOL ETFs by the SEC on October 10th. Analysts closely watch the $230 support level as a potential trigger for further drops toward $214.84 if this level is breached.