The Solana (SOL) token's price saw a double-digit decline this past week as memecoin launch platform Pump.fun continued to sell its holdings. The SOL coin price fell over 12% during the week leading up to 11:06 am UTC on Sept. 4 to trade at $128.

Pump.fun's fee account sold another $1.38 million worth of SOL coins, bringing the total sales to $41.64 million at an average price of $157.50 per coin. Whales, or large crypto-holding entities, can have a significant impact on a cryptocurrency's price action due to the high amount of market-moving capital.

Traders often follow whale selling patterns for cues on a cryptocurrency's short-term price trajectory. The Solana price decline and a sluggish Bitcoin price could continue to put downward pressure on SOL, which could be the next major crypto to receive spot ETF approval in the United States.

Source: https://cointelegraph.com/news/solana-price-decline-pumpfun-selling-sol

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.