Solana's SOL token has dropped by 7.22% in the past week, reaching $150.33 on June 17. This decline outpaces the broader cryptocurrency market, which saw a modest reduction of around 1.5% over the same period.
The growing prominence of Ethereum (ETH) is a major factor behind SOL's recent price drop. The potential regulatory approval for spot Ether exchange-traded funds (ETFs) in the United States has bolstered Ethereum's market position, drawing attention and investment away from Solana.
Ethereum's market dominance has been increasing since May 20, with its market share rising from 15.78% to 18.04%. In contrast, Solana's market share has fallen from 3.30% to 2.82% over the same period.