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IS SOLANA’S PRICE UNDER PRESSURE DUE TO MEMECOIN CRAZE?
#Solana #Sol #SolanaETF
Solana's (SOL) price dropped over 12% by September 4th, partly due to a $1.38 million sell-off by the memecoin platform Pump.fun, which has offloaded $41.64 million worth of SOL at an average of $157.50 per coin. Such large-scale sales by "whales" can heavily influence prices.
The memecoin frenzy on Solana might also be pressuring SOL's price. Crypto trader Luke Martin noted that Solana's upward momentum stalled when these launches intensified.
Solana's price is closely tied to Bitcoin, which has dropped nearly 18% in three months, while Solana fell 22%. A potential U.S. Solana ETF could reverse the trend, similar to Bitcoin ETFs, though approval remains uncertain.
Analysts believe a U.S. ETF could significantly boost Solana’s price. Investors are watching regulatory developments closely as they could determine Solana's recovery.
