Im an international student who had received a 95.2% in my sophomore year but only an 85% in my junior year. But my class rank in my junior year was 3, which is the top 7%. Is my drop in grade going to be overlooked or is it going to affect my chances?
The drop in your grades will be a bit concerning to admissions officers because it looks like a downward trend. Colleges are looking for students who improve their grades over the course of high school because it bodes well for their academic performance in college.
Grades are generally more important than class rank because the composition of each high school class varies from year to year. That means that someone in the number one spot one year might not even be in the top ten another year. GPA is a much better measure of achievement because colleges can compare the GPAs of past admitted students to GPAs of current applicants. Also, if you say that being 3rd in your class means you're in the top 7 percent, I assume your high school class has fewer than 50 students. If that is the case, class rank is less relevant because there is less competition.
That being said, I don't know anything about how your high school calculates grades or what the curriculum is like. It's possible that you took a much harder course load junior year that led to a lower average. Colleges will also take into account how much you've challenged yourself. If the lower grades are a result of enrolling in significantly more difficult classes, you'll have less to worry about in the admissions process.