Solana is experiencing supply pressure from multiple sources, including continued token sales by Pump.fun and large holders reallocating capital to alternative assets.
According to Lookonchain, Pump.fun sold 77,705 SOL valued at approximately $7.88 million during the observed period. This extended the platform's cumulative sales to 5.19 million SOL, worth roughly $842 million across centralized exchanges.
Whale activity has added to selling pressure. One large holder spent around 11,487 SOL valued at nearly $1.14 million to purchase roughly 4.97 million STONK tokens. Another newly created wallet withdrew 22,686 SOL worth approximately $2.25 million from Binance and subsequently spent 17,106 SOL worth around $1.7 million to acquire 5.41 million STONK. Combined, these transactions deployed approximately 28,593 SOL into STONK.
However, broader exchange activity has provided some counterweight to selling pressure. CoinGlass data showed Solana spot netflow registered approximately -$2.57 million at the time of analysis, meaning outflows exceeded inflows. Continued negative netflows could help absorb supply pressure if withdrawals continue dominating exchange activity.
Price Action and Technical Levels
At the time of analysis, SOL traded around $101.59 after an August price rally stalled near the $107.13 resistance level. The token consolidated above the $98.27 support level, creating a defined price range.
Technical indicators showed mixed signals. The RSI cooled to 56.91 after previously reaching overbought territory, while remaining above the 50 threshold. The MACD line fell beneath its signal line at 3.90 compared to 5, with the histogram slipping into negative territory at -1.16, indicating weakening buying strength.
Liquidity analysis via the Binance Liquidation Heatmap revealed concentrated liquidation clusters above the current price, particularly across the $103 to $105 zone. Mild liquidity appeared below the market price around $100–$101. A strong defense of the $98.27 support level could support another test of $107.13 resistance, while breaking below that floor would expose Solana to deeper correction.
