Solana tests support as Pump.fun offloads $807M in SOL to exchanges

Pump.fun transferred 84,789 SOL worth $6.25 million to Kraken on 7 August, part of a larger pattern of token sales. The project has now sold 4.82 million SOL, valued at approximately $807 million, at an average price near $167.40. Buyers have continued absorbing supply, enabling Solana to hold above its $71.95 support level.

Large trader positioning remains decisively bullish. The Top Trader Long/Short Ratio on Binance reached 3.28, with long accounts comprising 76.64% versus 23.36% short. The OI-Weighted Funding Rate stayed positive at 0.0047%, indicating long traders continued paying shorts to maintain positions. This alignment suggested market confidence, though positive funding rates also signal crowded long exposure vulnerable to rapid reversal.

Price action has differed from prior recovery attempts. Solana consolidated rather than accelerated after bouncing from June lows. Buyers successfully defended $71.95, preventing declines toward $67.48, but repeatedly failed to reclaim $78.07 resistance. The Directional Movement Index reflected this struggle: the -DI stood at 22.55 against the +DI at 15.73, while the ADX reached 14.02, showing the bearish bias lacked strong trend strength despite sellers maintaining a slight edge.

Without sustained spot demand to absorb Pump.fun's ongoing sales, a price decline could trigger a long-liquidation cascade. If buyers reclaim $78.07, resistance at $84.00 comes into view. A loss of $71.95 would likely redirect focus to $67.48.