Pump.fun’s recent Solana’s [SOL] sale has introduced renewed supply pressure, as stronger institutional and ecosystem demand challenges its impact on price.
As reported by Lookonchain, Pump.fun sold another 47,994 SOL valued roughly at $5.83 million, expanding its substantial selling activity.
In total the platform’s cumulative sales climbed to 5.24 million SOL, worth approximately $848 million.
This persistent selling introduced additional market supply as SOL struggled to extend its broader price recovery. The latest transaction, however, represented only part of Pump.fun’s accumulated SOL activity, since the platform still held 381,737 SOL after its latest sale.
At the time of reporting, Solana had recorded $5.14 million in Spot net outflows, reflecting a notable shift from the recent exchange activity.
Before that flip, the Spot flows had maintained positive flows for three consecutive days, suggesting sustained inflows onto exchanges.
The exchange supply, as a result, started declining while Pump.fun continued pumping SOL into the market. However, one session of outflows still did not establish a sustained withdrawal trend.
The $122.70 rejection puts recovery under pressure
Solana’s latest price advance pushed its price into the $122.70 zone, where sellers rejected the rally, preventing further upside.
At the time of writing, the price sat around $120.64, leaving the token below the key resistance that stopped its latest uptick.
More importantly, the RSI indicator approached the 70 level during the impulse move before reversing lower to 67 alongside the price correction.
The reversal suggested that buying strength had started fading near the key resistance instead of breaking above it. However, SOL remained above the $110.13 support, preserving a crucial level beneath the prevailing price structure.
Buyers would need to overcome the selling pressure around the current area to break through above the 122.70 resistance.
Inability to regain control around that area could likely expose $110.13 support in case the current rejection develops into a deeper correction.
Final Summary
- Pump.fun kept adding supply, while record ETF inflows strengthened institutional SOL demand.
- SOL’s $122.70 rejection and RSI reversal from 70 increased the risk of a deeper pullback.
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