The Solana (SOL) ecosystem has been suffering a severe decline in recent days. Over the past 24 hours, SOL price has decreased by 5%, pushing its price to a low of $167.74. This is part of a larger correction that started two days ago. At the same time, Solana's daily trading volume has dropped significantly, now just $3.74 billion, down 20% from $5 billion in May 2021.

The main reason for this decline is said to be the growing expectations for the approval of Ether exchange-traded funds (ETFs) in the United States. Since May 20, the SEC's engagement with Ether ETF candidates has shifted investor interest toward Ethereum. This is clearly reflected in the SOL/ETH trading pair, which is down 22.65% since the SEC's move.

Still, there is optimism from analysts like James Seyffart, who say the Solana ETF could attract more demand than other altcoins.

Prediction for June 2024:

Despite the current situation, experts remain optimistic about Solana's prospects next month. Predictions suggest that SOL could rebound to a minimum price of $176.90. The potential average price is around $192.49 and could peak at $208.07 by June 2024.

To achieve these prices, several factors will play an important role:

Ethereum ETF approvalTechnological developmentsOverall market sentimentRegulatory environment

The ability to navigate these factors will determine Solana's growth in the near future.

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