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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
