Solana (SOL) token price has fallen 12% in the last week, reaching $128. 📉

- Reason: Pump.fun sold $1.38M in SOL tokens.

- Total sold: $41.64M at an average price of $157.50 per coin.

Are memecoins putting pressure on Solana price? Popular trader Luke Martin believes that the mass launch of memecoins on Pump.fun has stopped the growth of SOL.

- Correlation with BTC: BTC has fallen by 18% in 3 months, SOL by 22%.

Solana ETF may change the situation, but it is unlikely for now.