Pump.fun moved another 84,789 SOL to Kraken on Aug. 7, pushing cumulative sales past $807 million and testing whether Solana's $71.95 support can hold.
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Solana tests $71.95 floor as Pump.fun sells $807M in SOL
Pump.fun sold 84,789 SOL for $6.25 million on Aug. 7, pushing cumulative sales to $807 million and testing Solana's $71.95 support level.
Lookonchain reported the transfer on X, noting the project's average sale price across all transactions stood at $167.40 per SOL.
Despite the sustained exchange-bound supply, SOL held above $71.95, with buyers absorbing part of the selling pressure. Binance top trader accounts remained bullish, with the long/short ratio at 3.28 — long accounts made up 76.64 percent of positions while shorts accounted for 23.36 percent. The OI-weighted funding rate stayed positive at 0.0047 percent, showing long traders continued paying shorts to maintain positions.
The key question is whether spot demand can absorb Pump.fun's continued sales. If SOL loses $71.95, attention shifts to $67.48, where fresh buying would need to absorb additional selling pressure. A break above $78.07 could open a path toward $84.00.
Binance positioning shows crowded long exposure
The DMI reflects the struggle between buyers and sellers. The -DI stood at 22.55, edging above the +DI at 15.73, while the ADX reached 14.02 — indicating a bearish bias that lacks strong trend strength. SOL has compressed into a narrow range as buying and selling pressure balance near support.
The positive funding rate and elevated long/short ratio leave the market vulnerable to long liquidations. A sharp move below support could force leveraged buyers to close positions, potentially triggering a cascade that accelerates downside.
What's at stake for Solana
Solana's broader ecosystem context matters here. SOL ETF assets have crossed $1 billion across Bitwise, Fidelity, and Morgan Stanley products, and MoneyGram joined as a validator in June. The network's $293 peak from January 2025 leaves significant ground to recover, with SOL currently trading around $73.30 per Coinbase data.
Pump.fun, a meme-coin launchpad on Solana, has been a major source of SOL supply pressure. Its cumulative sales of 4.82 million SOL at an average price of $167.40 represent a substantial overhang for the market. The project's steady deposits to Kraken suggest continued distribution rather than a one-off event.
The outcome of this supply test will shape near-term SOL trading. If buyers defend $71.95, the range-bound consolidation could continue, but a break below opens downside toward $67.48. Conversely, reclaiming $78.07 would show that demand is absorbing the selling pressure, potentially setting up a move toward $84.00. With 96 percent of Coinbase users currently net buyers, the demand side remains engaged, but the question is whether that appetite can outlast Pump.fun's distribution schedule.
This article is for informational purposes only and does not constitute investment advice.
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