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

The latest transaction by Pump.fun's fee account resulted in the sale of an additional $1.38 million worth of SOL coins, bringing the total amount sold by the platform 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 could be further exacerbated by a sluggish Bitcoin price, which is seen as a potential factor putting downward pressure on SOL. However, the token could also be the next major cryptocurrency to receive spot ETF approval in the United States, potentially offsetting the recent selloff.

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

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