Memecoin launches and a sluggish Bitcoin price could continue to put downward pressure on the SOL token, which could be the next major crypto to receive a spot ETF.
The Solana token’s price saw a double-digit decline this past week as memecoin launch platform Pump.fun continues to sell its holdings.
Solana (SOL) price fell over 12% in the week leading up to 11:06 am UTC, Sept. 4, to trade at $128. The token is down 3.8% on the daily chart, according to Cointelegraph data.
SOL/USD, 1-week chart. Source: Cointelegraph
