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Pump.fun transferred 84,789 Solana [$SOL], worth $6.25 million, to Kraken on the 7th of August.
Lookonchain reported that Pump.fun had sold 4.82 million $SOL, valued at roughly $807 million. The project’s average sale price stood near $167.40. Despite the steady deposits, $SOL held above its $71.95 support level.
That resilience suggested buyers continued absorbing part of Pump.fun’s exchange-bound supply.
Why are Binance traders still bullish on $SOL?
Top Binance trader accounts remained firmly bullish on Solana.
The Top Trader Long/Short Ratio reached 3.28. Long accounts accounted for 76.64%, while short accounts made up 23.36%. This showed that large traders continued favoring upside. However, the positioning also left the market vulnerable to long liquidations.
A sharp move below support could force leveraged buyers to close positions. That left $71.95 as the key level.
Are positive Funding Rates supporting Solana?
Solana’s [$SOL] OI-Weighted Funding Rate remained positive at 0.0047%.
This showed that long traders continued paying shorts to maintain their positions. The reading aligned with the bullish Binance Top Trader Long/Short Ratio.
Even so, positive Funding Rates can signal crowded long exposure. $SOL still needed spot demand to absorb Pump.fun’s continuing sales. Without that demand, a price decline could trigger a long-liquidation cascade.
Support holds while resistance limits Solana recovery
Price action unfolded differently from previous recovery attempts because Solana [$SOL] spent several sessions consolidating instead of accelerating after bouncing from its June lows.
Buyers successfully defended the $71.95 support level, preventing another decline toward $67.48, yet they repeatedly failed to reclaim the $78.07 resistance.
The DMI reflected that struggle clearly. The -DI stood at 22.55, edging above the +DI at 15.73, while the ADX reached 14.02, indicating the prevailing bearish bias lacked strong trend strength despite sellers maintaining a slight advantage.
Instead of producing another decisive directional move, $SOL compressed into a narrow range as buying and selling pressure balanced near support.
If buyers reclaim $78.07, they could challenge $84.00 next. However, losing $71.95 would likely shift attention back toward $67.48, where demand would need to absorb fresh selling pressure once again.
Final Summary
- Pump.fun moved another $6.25 million in $SOL to Kraken, raising its reported cumulative sales to $807 million.
- Solana price held $71.95 despite sustained Pump.fun selling, while 76.64% of top Binance trader accounts stayed long.