[Pump.fun sells off 65,000 $SOL, how will it affect Solana’s market? 】
Despite the recent price drop in Solana (SOL), Pump.fun has been heavily depositing funds into the exchange. According to Lookonchain data, Pump.fun deposited 65,000 SOL into Kraken, worth US$15.23 million. Since the start of operation, it has held a total of 1,526,937 SOL, with a total value of US$362 million, and has sold 264,373 SOL in exchange for 41.64 million. USDC.
Solana's price fell from $245 to $243, a drop of 0.82%, in the past 24 hours due to selling by large investors. It has lost 8.28% in the past week, despite previous monthly gains of 33.72%. There are now doubts in the market about whether Solana may fall further.
Technical analysis shows market sentiment has turned bearish on Solana. After reaching a high of $264, it fell back to $221, with seller pressure gradually building. The relative strength index (RSI) is falling and the moving averages (MA) are showing buyers losing momentum. The Relative Vitality Index (RVGI) had a bearish crossover three days ago, reinforcing the downtrend.
Long-short ratio data shows that short positions account for 52%, with most investors expecting prices to fall. Meanwhile, open interest (OI) fell from $2 billion to $1.5 billion, indicating fewer market participants.
Overall, Pump.fun's sell-off has intensified Solana's bearish sentiment. If negative sentiment persists, the price may fall further to $220; if bulls regain control of the market, SOL may have the opportunity to challenge the $260 resistance level.