Solana’s strong stance shows that despite the large sales, investors have not lost interest and the price maintains its stability. This reveals that while it is generally known in the crypto world that unexpected sales can cause sudden price drops, Solana is resistant to this selling wave.

On October 22, the fee account connected to the Pump.fun memecoin platform sold $6.6 million worth of Solana tokens. Despite these sales, Pump.fun still has a large amount of SOL presence.

According to the information shared by on-chain data firm Lookonchain, Pump.fun accounts have acquired a total of 969,945 SOL tokens (approximately $162 million) and sold 503,343 of these assets ($78.7 million) at an average price of $156.4.

Solana’s price increased by 9.3% during the week despite these large selling waves. Solana was trading at $165.8, up 0.8%, as of 11:18 UTC.

This durable price movement of Solana, the world’s fifth largest cryptocurrency, is welcomed by investors despite the massive sales and market pressure.

“Whales,” who own large crypto assets, have a strong influence on cryptocurrency markets due to their large amounts of capital that can influence the market. Such whales can determine the direction of prices by selling or buying in large quantities.

Continuous selling of SOL by the fee account connected to the Pump.fun platform may put pressure on the Solana price in the short term. Traders are watching carefully in case such large sell-offs could affect price action.

Besides the huge sales made by the Pump.fun platform, there are other factors that can put pressure on the Solana price. The rapid proliferation and mass launch of Memecoin projects in the Solana ecosystem may be putting pressure on the price.

Luke Martin, a popular cryptocurrency trader and podcast host, stated that Solana’s rise slowed as users began mining large amounts of memecoins through Pump.fun.

“When you add the Pump.fun launches to the Solana price chart, the SOL price almost ground to a halt as soon as memecoins were quickly launched,” Martin said in an X post on September 4.

Despite all these developments, there are also positive expectations for Solana. Rising expectations for a Solana-based exchange-traded fund (ETF), in particular, could be a potential price catalyst for the cryptocurrency.

Brazil approved Solana’s first ETF on August 7, and this development is considered a turning point for Solana in global markets. Other countries launching such products could have a positive impact on Solana’s future price movement.

Solana’s price remains strong despite the massive sales by the Pump.fun platform and other major players. This could be an indication of the market’s confidence in Solana. However, memecoin projects and Solana-based ETF expectations will play an important role in how the price will shape in the future.