Why is Solana (SOL) price down today?

Solana (SOL) is seeing a price correction after rallying nearly 300% in recent months.

Why is Solana price down today?

As of Nov. 21, SOL’s price was trading for $55, down 20% when measured from its local high of $60.50 established just five days prior. The decline mirrors similar moves elsewhere in the crypto market, with top coins, Bitcoin (BTC) and Ether (ETH), also down 2.2% and 5.5% from their local highs.

SOL/USD versus BTC/USD and ETH/USD year-to-date performance. Source: TradingView

Let’s discuss the major reasons behind Solana’s slump.

SEC labels SOL a “security”

Solana’s price decline coincides with the U.S. Securities and Exchange Commission’s (SEC) latest lawsuit against the Kraken…

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