Solana Holds $71.95 Support as Pump.fun's Cumulative SOL Sales Reach $807 Million

Pump.fun, a Solana-based memecoin launchpad that allows users to create and deploy tokens on the network, transferred 84,789 Solana [$SOL], worth $6.25 million, to Kraken on August 7th, continuing a pattern of exchange-bound deposits that has drawn close market attention.

According to on-chain analytics from Lookonchain, Pump.fun has sold a cumulative 4.82 million SOL, valued at approximately $807 million. The project's average sale price stood near $167.40 — more than double SOL's current trading range around $71.95 — indicating that these sales occurred over an extended period during which SOL's market value declined substantially. Despite the steady flow of deposits to exchanges, SOL maintained its position above the $71.95 support level, suggesting that buyers have continued absorbing a portion of the supply generated by Pump.fun's sales. The scale of the cumulative sales places Pump.fun among the largest known SOL sellers tracked publicly, making its deposit activity a widely followed on-chain signal.

Binance Top Traders Maintain Bullish Positioning

Top Binance trader accounts remained firmly bullish on Solana. The Top Trader Long/Short Ratio reached 3.28, with long accounts comprising 76.64% and short accounts accounting for the remaining 23.36%. This data indicates that large traders on the exchange continued to favor upside exposure.

However, this positioning also introduces the risk of long liquidations. A sharp move below support could force leveraged buyers to close their positions, making the $71.95 level critical for near-term price stability. The combination of concentrated long positioning and ongoing token sales from a major holder creates a setup where derivatives-driven demand and spot supply pressures are moving in opposite directions.

Funding Rates Reflect Persistent Long Exposure

Solana's [$SOL] OI-Weighted Funding Rate remained positive at 0.0047%, indicating that long traders continued paying shorts to maintain their positions. This reading aligns with the bullish sentiment reflected in the Binance Top Trader Long/Short Ratio.

That said, positive Funding Rates can also signal crowded long exposure. SOL still required sufficient spot demand to absorb Pump.fun's ongoing sales. Without that demand, a price decline could potentially trigger a cascade of long liquidations.

Price Consolidates Between Support and Resistance

Solana's [$SOL] recent price action has differed from previous recovery attempts. Rather than accelerating after bouncing from June lows, the asset spent several sessions consolidating in a narrow range.

Buyers successfully defended the $71.95 support level, preventing a further decline toward $67.48. However, they repeatedly failed to reclaim the $78.07 resistance level.

The Directional Movement Index (DMI) reflected this tension. The -DI stood at 22.55, slightly above the +DI at 15.73, while the ADX registered 14.02 — indicating that the prevailing bearish bias lacked strong trend strength despite sellers maintaining a marginal advantage.

Rather than producing a decisive directional move, SOL compressed into a narrow range as buying and selling pressure balanced near support. If buyers reclaim $78.07, the next target would be $84.00. Conversely, a loss of $71.95 would likely shift focus back to $67.48, where demand would once again need to absorb fresh selling pressure.

Source: AMBCrypto