Solana Price Hinges on $122.70 Breakout Amid Pump.fun Sell-Off
Pump.fun's recent sale of Solana (SOL) has injected fresh supply pressure into the market, which may offset the strong institutional demand seen in ETF inflows. According to Lookonchain, Pump.fun sold another 47,994 SOL worth around $5.83 million, bringing its cumulative sales to a total of 5.24 million SOL, valued at approximately $848 million.
The platform still holds 381,737 SOL after the latest sale, indicating that it has not yet exhausted its Solana holdings. In contrast, Solana's Spot net outflows reached $5.14 million, marking a notable shift from recent exchange activity. However, this one session of outflows does not signal a sustained withdrawal trend.
The $122.70 resistance level remains a crucial barrier for Solana, as it has rejected the token's latest price advance. The Relative Strength Index (RSI) indicator approached 70 during the impulse move before reversing lower to 67 alongside the price correction, suggesting that buying strength had started fading near the key resistance.
For Solana to break through above $122.70, buyers will need to overcome the selling pressure in the current area. If they fail to regain control around this level, it may expose the $110.13 support below the prevailing price structure.