Why Has The Solana Price Been Crashing Since October? This Major SOL Player Is Selling
Overview
The Solana price has experienced a significant downturn since October, driven in part by large-scale selling from the meme coin launchpad Pump.fun. On-chain analytics platform Lookonchain has highlighted this activity, suggesting it has contributed to the recent decline in Solana’s value.
What Happened?
According to Lookonchain, Pump.fun has sold a substantial amount of SOL, amounting to nearly $500 million since October began. The analytics platform reported that Pump.fun cashed out at least 436.5 million USDC since October 15, with this amount being deposited into the Kraken exchange.
Additionally, Lookonchain detailed that from May 19, 2024, to August 12, 2025, Pump.fun sold a total of 4.19 million SOL, which was valued at $757 million at the time. This included an on-chain sale of 264,373 SOL for $41.64 million, while the majority—3.93 million SOL—was deposited into Kraken.
The selling activities of Pump.fun have reportedly placed significant selling pressure on Solana’s price, which has faced one of the steepest declines in the current crypto market downtrend. Despite the launch of six spot Solana ETFs by various firms, the price of SOL has fallen from around $220 in October to approximately $120 recently. This decline has led to a year-to-date drop of over 28% and a similar decrease over the past 30 days.
In response to these claims, a spokesperson for Pump.fun, Sapijiju, stated that the platform has not sold any SOL recently and has not contributed to the price crash. He labeled Lookonchain’s assertions as misinformation, clarifying that the transactions mentioned were part of their treasury management and related to funds from the PUMP ICO, with intentions to reinvest.
Impact on the crypto market
- The selling activities of Pump.fun have increased market volatility for Solana.
- Despite the launch of new Solana ETFs, the price has continued to decline, indicating strong selling pressure.
- The Solana price crash reflects broader trends in the crypto market, highlighting the impact of whale activity on asset prices.
- The situation raises concerns about the influence of large players in the market and the potential for misinformation to affect investor sentiment.
- The response from Pump.fun suggests a need for clearer communication within the crypto community regarding asset management and trading activities.
Updated: 11/25/2025, 5:27:59 PM
