Solana Stabilizes Above $98.27 as Pump.fun's Sales Continue

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

However, despite this supply pressure, the broader exchange activity presented a counterweight. CoinGlass data showed that Solana spot netflow had registered approximately -$2.57 million at press time, indicating outflows exceeded inflows during the latest reading.

Large holders, or 'whales', have also been selling SOL to buy 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.

The price of Solana has consolidated above the $98.27 support level after its August price rally stalled at the $107.13 resistance region. The Relative Strength Index (RSI) cooled down to 56.91, while the Moving Average Convergence Divergence (MACD) indicator painted a weaker picture.

Liquidity clusters have developed above and below the current market price, providing potential targets for a price recovery. Preserving the $98.27 support could enhance Solana's recovery toward liquidity clustered around $103-$105.