- Solana is facing mounting bearish pressure as major whales like Pump.fun continue to offload large amounts of SOL, triggering a sharp price drop and negative market sentiment.
- With technical breakdowns and weak demand, the $140 support level is at serious risk of being breached.
Whale Selloffs Amplify Bearish Pressure on SOL
Solana (SOL) is facing intense bearish headwinds as whale activity signals a strategic selloff. A major player, Pump.fun, recently deposited 156,425 SOL (worth $25.74 million) onto Kraken, bringing their total liquidation to over 3.49 million SOL—valued at a staggering $640 million. This relentless offloading strongly hints at a coordinated exit strategy.
On-chain and market sentiment data echo this concern. Market Prophit reports both retail and institutional sentiment leaning heavily bearish, with SOL’s price already slipping by 5.63% in the last 24 hours to hover near $163.07. The growing skepticism across trading sectors suggests a broader loss of confidence in Solana’s short-term prospects.
Technical Breakdown: Support Levels Under Siege
Technically, Solana has breached its ascending trendline after failing to stay above the critical $179 resistance level. This breakdown sets the stage for a move toward the key support range of $140 to $145. Indicators are not on the bulls’ side either—especially the Stochastic RSI, which remains in oversold territory, showing limited signs of a recovery.
The failed breakout and rejection at higher levels are warning signs that bearish momentum could intensify unless new bullish catalysts emerge. Without positive news or inflows, SOL looks vulnerable to testing lower support zones in the coming days.
More Red Flags from Derivatives and Exchange Flows
Further fueling the downward pressure are negative signs from the derivatives market. According to CoinGlass, May 30 saw long liquidations spike by $19 million and net exchange outflows reach $31.7 million. SOL’s funding rates have also turned negative, reinforcing the broader bearish conviction.
The persistent supply pressure—driven by whales like Pump.fun—combined with weak demand is creating a precarious imbalance. Unless market dynamics shift quickly, Solana $140 support zone may not hold for long.
Solana is at a critical juncture. With whales dumping, technical breakdowns accelerating, and sentiment souring, all eyes are on the $140 level. A breach below could open the floodgates to deeper losses—unless the bulls can muster a strong comeback.
