Solana Price Recovery Halted by Strong Resistance

Pump.fun has been selling Solana (SOL) tokens, adding to the existing supply pressure in the market. According to data from Lookonchain, Pump.fun recently sold $5.83 million worth of SOL, taking their cumulative sales to $848 million.

This sale introduced additional market supply as SOL struggled to extend its price recovery. Despite this, institutional and ecosystem demand for SOL remains strong, with record ETF inflows supporting the token's price.

The rejection of Solana at the $122.70 resistance level has put pressure on the token's price recovery. The Relative Strength Index (RSI) indicator approached 70 before reversing lower, suggesting that buying strength had started fading near the key resistance.