Can Solana withstand Pump.fun’s $807M sales? If not, where is SOL’s floor?

Pump.fun transferred 84,789 Solana [SOL], worth $6.25 million, to Kraken on the 7th of August.

Lookonchain reported that Pump.fun had sold 4.82 million SOL, valued at roughly $807 million. The project’s average sale price stood near $167.40. Despite the steady deposits, SOL held above its $71.95 support level.

That resilience suggested buyers continued absorbing part of Pump.fun’s exchange-bound supply.

Why are Binance traders still bullish on SOL?

Top Binance trader accounts remained firmly bullish on Solana.

The Top Trader Long/Short Ratio reached 3.28. Long accounts accounted for 76.64%, while short accounts made up 23.36%. This showed that large traders continued favoring upside. However, the positioning also left the market vulnerable to long liquidations.

A sharp move below support could force leveraged buyers to close positions. That left $71.95 as the key level.

Are positive Funding Rates supporting Solana?

Solana’s [SOL] OI-Weighted Funding Rate remained positive at 0.0047%.

This showed that long traders continued paying shorts to maintain their positions. The reading aligned with the bullish Binance Top Trader Long/Short Ratio.

Even so, positive Funding Rates can signal crowded long exposure. SOL still needed spot demand to absorb Pump.fun’s continuing sales. Without that demand, a price decline could trigger a long-liquidation cascade.

Support holds while resistance limits Solana recovery

Price action unfolded differently from previous recovery attempts because Solana [SOL] spent several sessions consolidating instead of accelerating after bouncing from its June lows. 

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

The DMI reflected that struggle clearly. The -DI stood at 22.55, edging above the +DI at 15.73, while the ADX reached 14.02, indicating the prevailing bearish bias lacked strong trend strength despite sellers maintaining a slight advantage. 

Instead of producing another decisive directional move, SOL compressed into a narrow range as buying and selling pressure balanced near support. 

If buyers reclaim $78.07, they could challenge $84.00 next. However, losing $71.95 would likely shift attention back toward $67.48, where demand would need to absorb fresh selling pressure once again.

Final Summary

• Pump.fun moved another $6.25 million in SOL to Kraken, raising its reported cumulative sales to $807 million.
• Solana price held $71.95 despite sustained Pump.fun selling, while 76.64% of top Binance trader accounts stayed long.