Why is Solana (SOL) price down today?

Key takeaways:Solana dropped over 4.5% after X banned Pump.fun and related memecoin accounts, weakening retail momentum.The escalating Israel-Iran conflict and Trump’s G7 remarks triggered a broader flight from risk assets.SOL is trading within a bearish descending triangle, risking a 25% drop.Solana’s native token, SOL , has dipped by over 4.50% in the last 24 hours to reach around $150 on June 17.Among the top catalysts driving the SOL price lower is the ban on the Solana-based memecoin launchpad Pump.fun and a lower appetite for risk-assets amid the ongoing Middle East conflict.Let’s examine these factors in detail.Pump.fun ban on X sparks Solana memecoin sell-offOne of the most immediate catalysts behind Solana’s decline is the unexpected suspension of Pump.fun from X, the primary platform for launching and promoting Solana-based memecoins.The ban, which occurred on June 16, removed the X accounts of Pump.fun, its co-founder, Alon Cohen, and several high-profile meme projects, including GMGN and ElizaOS.Pump.fun had become a major driver of onchain activity and speculative momentum on Solana, with thousands of memecoins launching through the platform over the past few months. Its sudden blackout has removed a key engine of retail engagement, triggering sell-off across the Solana memecoin sector and SOL.Lower risk appetite hurts SOL priceSolana’s price action has become jittery amid the escalating conflict between Israel and Iran, following a broader risk-on sentiment.For instance, today’s SOL price decline has occurred alongside drops across the major US stock indexes after US President Donald Trump played down the likelihood of a ceasefire at the G7 summit.Geopolitical escalations often lead to a flight to safety, with capital moving into US dollars or gold. In contrast, more speculative tokens—especially those heavily linked to retail-driven narratives—tend to take the biggest hits.Solana’s descending triangle hints at 25% dropTechnically, Solana is forming a descending triangle, a structure often seen as a bearish reversal pattern when it appears after an extended rally or failed breakout.The triangle shows lower highs pressuring a flat support level around $141, indicating weakening buying momentum. This pattern is developing after SOL’s local top near $210 in mid-April, suggesting a potential shift from bullish to bearish bias.SOL was rejected near its 50-day exponential moving average (EMA) at around $156, reinforcing short-term selling pressure. The price is now hovering just above the triangle’s support, with a breakdown increasing the likelihood of a sharp drop toward the $110–$115 area, a target 25% below current prices.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.