$SOL Under Pressure: Pump.fun Sales and Whale Activity Weigh on Price

Solana's price has been under pressure due to Pump.fun's multimillion-dollar $SOL sales across several centralized exchanges. According to Lookonchain, Pump.fun extended its sales, resulting in another 77,705 $SOL sold at approximately $7.88 million during the observed period. This adds to the cumulative sales of 5.19 million $SOL worth around $842 million.

However, the broader exchange activity presents a counterweight to Pump.fun's persistent token distribution. CoinGlass data shows that Solana spot netflow had registered approximately -$2.57 million at press time, indicating outflows exceeded inflows during the latest reading. Despite this, exchange balances encountered less immediate supply pressure from the market holders.

Large whale investors have been closing substantial $SOL positions to accumulate $STONK, introducing additional selling activity around Solana. One whale spent 11,487 $SOL worth nearly $1.14 million to purchase roughly 4.97 million $STONK. Another wallet withdrew 22,686 $SOL worth approximately $2.25 million from Binance exchange and later used 17,106 $SOL worth around $1.7 million to acquire 5.41 million $STONK.

Meanwhile, Solana's price has been consolidating above the $98.27 support after its August price rally stalled around the $107.13 resistance region. The MACD indicator and RSI suggest weakening buying strength, but a strong defense of the $98.27 level could support another $107.13 test.