I'm dropping Chinese after this year (my second year), but I already have 3 years of Japanese and 2 years of Latin of my belt as well.
Chinese just isn't my language, so I've replaced it with an AP course for next year.
Instead I'm just continuing my Japanese studies on my own (since the only languages with more than 3 years at my school are Spanish and Latin) and shall advance myself in it further in College too.
I don't regret dropping it either. My teacher was super nice, and the class is pretty easy, but I just dislike the language. Maybe it would be slightly different if it wasn't an online class, but then again, I take Japanese online as well, and I love it, both linguistically and culturally.
It just isn't my thing.
However, for you, since you don't have 3 years of any language yet, I would recommend sticking it out for third year. Colleges like to see 3 years minimum, regardless of high school requirements. My high school doesn't require any foreign language, but most people take one for college anyway.