Solana's price experienced a significant 12% drop following the sale of $41 million worth of SOL tokens by Pump.fun. This development comes amidst a sluggish Bitcoin price and the launch of various memecoins, all contributing to downward pressure on the SOL token.
Despite these challenges, Solana holds potential as the next major cryptocurrency to receive a spot ETF, which could alleviate some of the selling pressure on the token.
