Solana's Price Defies Pump.fun's $807M Sales as Buyers Absorb Supply

Solana's price has been resilient despite the massive sales by Pump.fun, which transferred another $6.25 million in SOL to Kraken on August 7th, bringing its total cumulative sales to $807 million.

The project's average sale price was near $167.40, and while it may seem daunting, Solana has managed to hold above its key support level of $71.95.

This resilience suggests that buyers are absorbing part of Pump.fun's exchange-bound supply, leaving the market vulnerable to long liquidations if a sharp move below support occurs.

According to CoinGlass, the Top Trader Long/Short Ratio on Binance is 3.28, with long accounts accounting for 76.64% and short accounts making up 23.36%. This indicates that large traders remain bullish on Solana, but it also highlights the potential for a price decline if spot demand does not absorb Pump.fun's continued sales.