Solana is so far absorbing a steady stream of selling from Pump.fun without breaking down, even as the memecoin launchpad's cumulative token sales crossed $807 million. On-chain tracker Lookonchain flagged the latest transfer on August 7: 84,789 SOL, worth roughly $6.25 million, moved to Kraken. That single transaction is part of a much larger pattern — Pump.fun has now sold 4,823,325 SOL in total at an average price of $167.40 per token, a figure that reflects sales built up over a longer period even as SOL itself trades far below that average today.
Despite the size of the cumulative total, SOL has held above its $71.95 support level, suggesting buyers are still stepping in to absorb the supply Pump.fun is routing to exchanges. A secondary support sits at $67.48 if that level fails, while resistance at $78.07 has repeatedly capped rallies. A close above that ceiling would open the door toward $84.00, according to the technical picture laid out in the analysis.
Positioning still skews long
Derivatives data shows top traders on Binance remain heavily tilted toward the long side, with a long/short ratio of 3.28 — 76.64% long against 23.36% short. The open-interest-weighted funding rate is positive at 0.0047%, indicating longs are paying shorts to hold their positions, a sign of continued bullish conviction even as price chops between support and resistance. That crowded positioning cuts both ways: it reflects confidence SOL can hold its floor, but it also means a break below $71.95 could trigger a faster cascade of long liquidations than the price action alone would suggest.
Trend strength still muted
The Directional Movement Index paints a picture of indecision rather than a clean trend in either direction. The -DI reading of 22.55 currently sits above the +DI reading of 15.73, while the ADX of 14.02 remains below the 20 threshold that typically signals a market has entered a trending phase. In practical terms, SOL is range-bound between its key levels rather than showing the momentum needed to break decisively out of the $71.95–$78.07 band in either direction.
Related: Pump.fun's Cumulative SOL Sales Cross $807 Million
Comparable pressure elsewhere in the market
Broader analyst coverage of Solana in early August has converged on a similar range, with monthly projections clustering around a $72–$79 support-and-resistance band and price forecasts topping out near $85–$96 for the month if bullish momentum returns. That external context lines up with the $71.95 floor and $78.07 ceiling identified in Solana's own order-book data, reinforcing that the token is currently trading in a well-defined, closely watched range rather than trending cleanly in either direction. For now, Pump.fun's steady stream of sales looks more like a persistent overhang than an acute threat — the real test will come if that $71.95 level is ever tested with the same long-heavy positioning still in place.
