Solana faced supply pressure after Pump.fun extended its multimillion $SOL sales across several centralized exchanges.
Lookonchain reported another 77,705 $SOL sales valued at approximately $7.88 million during the observed period. The transaction extended Pump.fun’s cumulative sales to a total of 5.19 million $SOL, worth roughly $842 million.
However, the broader exchange activity presented a counterweight to Pump.fun’s persistent token distribution. According to CoinGlass data, Solana spot netflow had registered approximately -$2.57 million at press time, implying outflows exceeded inflows during the latest reading.
Hence, the exchange balances encountered less immediate supply pressure from the broader market holders despite Pump.fun’s selling.
Continued negative netflows could help absorb the supply pressure in case withdrawals continue dominating the exchange activity.
Source: X
Whales swap Solana exposure for $STONK
Recently, large holders have recently been closing substantial $SOL positions to accumulate $STONK, introducing additional selling activity around Solana.
According to Lookonchain, one whale spent around 11,487 $SOL, valued at nearly $1.14 million, to purchase roughly 4.97 million $STONK.
Additionally, a newly created wallet separately withdrew 22,686 $SOL worth approximately $2.25 million from Binance exchange.
Subsequently, the wallet later spent 17,106 $SOL worth around $1.7 million to acquire 5.41 million $STONK. Combined, both of these purchases deployed approximately 28,593 $SOL into $STONK.
These transactions reflected whale allocation into another Solana ecosystem asset, unlike Pump.fun’s sales. Still, exchanging $SOL for $STONK could create additional $SOL supply depending on transaction execution.
Can $98.27 keep $SOL stable?
At the time of analysis, Solana [$SOL] traded around $101.59 after its August price rally stalled around the $107.13 resistance region.
The price then consolidated above the $98.27 support, creating a defined price range after the rapid price advance.
Rather than immediately pushing higher, the repeated failures around $107.13 limited buyers from reclaiming control.
Besides, the RSI cooled to 56.91 after previously touching overbought territory during the rally.
Meanwhile, the MACD indicator painted a weaker picture as its line fell beneath the signal line. The MACD line stood at 3.90, while its signal line remained higher at around 5.
The MACD histogram also slipped into the negative territory at -1.16, reinforcing weakening buying strength inside the price range.
However, the RSI indicator remained above the 50 threshold, leaving the broader structure from August relatively resilient.
A strong defense of the $98.27 level could support another $107.13 test, but losing that floor would expose Solana to a deeper price correction.
Source: TradingView
Liquidity offers a route toward recovery
The Binance Liquidation Heatmap added another context to $SOL’s range-bound structure around the $101 zone.
Notably, large liquidation concentrations had developed above the current market price, particularly across the $103 to $105 zone.
Dense liquidation clusters appeared around $103 and $104, giving price potential liquidity targets in case of a price recovery.
The renewed buying could therefore draw $SOL toward these liquidity zones before challenging the $107.13 resistance again.
Mild liquidity also appeared below the market price, specifically around the $100–$101 region.
Still, the heavier nearby upside clusters strengthen the recovery case if the $98.27 support continues holding.
Source: CoinGlass
Final Summary
- Pump.fun’s persistent selling and whale $STONK purchases kept $SOL supply pressure elevated.
- Preserving the $98.27 support could enhance $SOL’s recovery toward liquidity clustered around $103–$105.