Solana ($SOL) has dropped below the $200 mark, a significant psychological and technical support level, as the market awaits a decision from the U.S. Securities and Exchange Commission (SEC) on a proposed Solana-based exchange-traded fund (ETF). The outcome of the SEC's ruling is anticipated to have a substantial impact on Solana's price trajectory. A favorable decision could potentially reverse the current downtrend by attracting institutional investment and bolstering confidence in Solana's long-term prospects. Conversely, a rejection or delay in the ruling may exacerbate the current price decline, further affecting market sentiment.