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Solana's price stayed strong, rising 9.3% for the week, despite Pump.fun selling $6.6 million worth of SOL. With $47 million still held, whales are on high alert for the next market twist.
Solana Defies Pump.fun's $6.6M Selloff
Despite ongoing selling pressure from Pump.fun, the memecoin launch platform, the price of Solana stayed strong.
On October 22nd, the Solana tokens sold by the fee account linked with Pump.fun were valued at more than $6.6 million.
Reports indicate that Pump.fun continues to own a substantial number of Solana, as stated in an October 22nd post by the onchain intelligence business Lookonchain:
Solana’s Price Climbs Amid Whale Activity
In spite of the sales, the weekly chart showed that Solana's price was up more than 9.3 percent. Cointelegraph data shows that the world's fifth-largest cryptocurrency, XRP, increased 0.8% in the 24 hours leading up to 11:18 am UTC, trading at $165.8.
The enormous quantity of market-moving capital held by "whales," or big crypto-holding corporations, can significantly affect the price action of a cryptocurrency. For clues on the short-term price trend of a cryptocurrency, traders frequently observe whale selling patterns.
Pump.fun’s Fee Account Continues to Pressure SOL Price
The SOL sales from the Pump.fun fee account may continue to influence the cost.
Just after Pump.fun, Solana's price dropped over 12% to $128 in the week preceding September 4th. Pump.fun raised $41 million in SOL token sales, with each token selling for an average of $157.5.
According to Solscan statistics, the memecoin launch platform's fee account contains an additional $47.9 million worth of Solana tokens, which could lead to more selling pressure.
Memecoin Craze Puts Solana Under Pressure
The price of SOL may be under pressure due to the recent memecoin mania on Solana.
Popular cryptocurrency trader and podcast host Luke Martin claims that when people began mass-launching meme tokens on Pump.fun, the rise for the Solana token transformed into a crab walk.
In a message on September 4th, the trader said:
Solana ETF Anticipation Grows
However, the next possible trigger for SOL's price is the increasing anticipation of an exchange-traded fund based on Solana. On August 7, other global countries followed Brazil's lead and approved the first Solana ETF.
