Pump.fun has sold an additional 47,994 SOL tokens valued at approximately $5.83 million, according to data from Lookonchain. The platform's cumulative Solana sales have now reached 5.24 million SOL, worth around $848 million, while still holding 381,737 SOL after the latest transaction.
The continued selling activity has introduced fresh supply pressure into the market as Solana attempts to sustain its recent price recovery. However, institutional demand through spot ETF inflows has provided counterbalance to the selling activity.
Exchange Flows Shift Amid Competing Pressures
At the time of reporting, Solana recorded $5.14 million in spot net outflows, marking a reversal from three consecutive days of positive inflows. This shift has begun to reduce exchange supply even as Pump.fun continues to release tokens into circulation. One session of outflows does not yet establish a sustained withdrawal trend.
Technical Resistance Halts Recovery Attempt
Solana's price rallied to the $122.70 resistance level before facing rejection from sellers. At the time of writing, SOL traded around $120.64, remaining below this key resistance point.
During the price advance, the RSI indicator approached 70 before reversing to 67 alongside the price correction, suggesting that buying momentum had weakened near the resistance level rather than breaking through it. Solana remains above the $110.13 support level, which represents a crucial floor in the current price structure.
For buyers to push past $122.70, they must overcome selling pressure in the current zone. Failure to regain control could expose the $110.13 support level if the current rejection develops into a deeper pullback.
