Popular meme coin launchpad Pumpfun has sold $8.85 million worth of Solana (SOL) tokens. The sale coincides with Solana whales dumping the asset amid a 17% weekly decline. The crypto red wave’s grip caught altcoin traders, leading to a 5% decline in the total market cap and sentiments. Solana Bulls Lose Steam On-chain data shows four wallets linked to Pumpfun sold 84,358 SOL worth over $8 million. This was the same amount the launchpad deposited into Kraken hours before the sale. As expected, the sale drove down sentiment as traders panicked. A few hours after the sale, SOL price dipped 4% to $103.5 amid the market turmoil. This week, Solana’s price plunged below the support as traders fell to heightened sell pressures. The asset is down 17% this week and 19% in the past 30 days. Solana whales are moving large amounts of assets to centralized exchanges, pointing to potential sales. The asset’s downtrend is fueling major exits from institutional and retail traders. According to Lookonchain, a whale sold 100,000 SOL worth $10.7 million. Another whale unstaked 159,028 SOL and transferred 60,000 tokens worth about $6.18 million. Massive outflows affected the Solana meme coin market as crypto prices tanked. These assets dropped 5% while meme coins like TRUMP and BONK fell over 20% in the last seven days. On the flipside, SOL bulls are locked in for a recovery, setting sights past the $130 resistance. Most traders signal the spot Solana ETF approval in the United States as a needed catalyst to move past $200. These funds will attract institutional momentum to the SOL growth trajectory. Expert trader Ali Martinez highlighted bull plot to fuel over 35% growth. “ TD Sequential flashes buy signal on the #Solana weekly chart! $SOL needs to stay above $95 and break $121 to set the stage for a rally toward $147,” he wrote on X. Wider Market Decline Edges On Digital asset prices went downhill as the aftereffects of President Trump’s sweeping tariffs kicked in. At the time of writing, Bitcoin trades at $76,779, falling 4% in the last 24 hours. The market leader’s decline triggered massive setbacks for altcoins. Ethereum traders lost the $1,500 support, with the asset down 7% in 24 hours. XRP posted a similar daily performance after its price dropped to $1.79. The ADA price fell 6.7%. These exits have weakened institutional optimism at the start of Q2 2025.
