Solana Faces Selling Pressure Amid Ongoing Sales

Solana (SOL) is facing selling pressure due to large ongoing sales by Pump.fun, totaling over 5 million SOL worth approximately $842 million. Additionally, some whale investors are shifting their SOL holdings into the STONK token. Despite this supply pressure, exchange data shows net outflows, which may help absorb selling pressure.

The SOL price is consolidating above a critical $98.27 support level after stalling near $107 resistance. Technical indicators are signaling weakening buying strength but maintaining some resilience.

Liquidity clusters between $103-$105 could provide recovery targets if the $98.27 support holds, suggesting a possible retest of $107.13 resistance ahead.