Key Bearish Signals:
- Pump.fun sold another 156,425 SOL ($25.74M), total dumps exceed $640M
- SOL down 5.63% in 24 hours to $163.07
- Long liquidations $18.99M vs short liquidations $566.7K
- Negative funding rate -0.0015% signals bearish sentiment
🐋 Massive Whale Selloffs Continue
Pump.fun has once again dumped a significant chunk of Solana [SOL] onto Kraken, depositing 156,425 SOL worth $25.74 million.
This brings its total deposits to 3.49 million SOL, valued at over $640 million. The scale and frequency of these transfers suggest a deliberate exit strategy.
Market Prophit data shows both crowd and smart money sentiment firmly in bearish territory. This sentiment aligns with SOL’s price action, which has dropped 5.63% in the past 24 hours, now trading around $163.07.
📉 Has Solana Lost Bullish Momentum?
Technically, SOL has broken below its ascending trendline after failing to sustain above the $179 resistance zone.
Technical Levels:
- Breakdown: Ascending trendline
- Rejection: $179 resistance zone
- Downside Target: Key support $140-$145
- Stochastic RSI: Hovering in oversold zone
This rejection from the upper supply band opens the door for a drop toward the next key support between $140 and $145. Without strong bullish triggers, the market may see further downside.
💸 Deeper Selling Pressure Ahead
CoinGlass data confirmed bearish pressure in spot markets:
- May 30: $273.26M outflows vs $241.56M inflows
- Net outflow: $31.7 million
This imbalance between supply and demand increases the risk of further drawdowns, especially if no new bullish catalysts emerge to offset the persistent sell-side pressure observed on-chain.
📊 Negative Funding Drags Prices Further
The OI-Weighted Funding Rate has slipped into negative territory at -0.0015% at press time.
This shift reveals growing demand for short positions and signals that market participants are increasingly hedging against downside risk. Funding flipping negative after a sustained bullish phase shows a change in sentiment within derivatives markets.
📉 Long Trader Capitulation
Liquidation data shows sharp imbalance:
- May 30 long liquidations: $18.99 million
- Short liquidations: only $566.7K
Loss Leaders:
- Bybit: over $10.9 million in longs wiped out
- Binance and OKX also showed significant losses
This lopsided data shows that leveraged bulls were caught off-guard by the rejection from $179 and the subsequent dip.
🎯 Critical Juncture
With technical breakdowns, bearish sentiment, negative funding, and aggressive sell-offs converging, SOL faces a critical juncture.
The $140–$145 support zone will now determine whether bulls can mount a defense or whether sellers will drive prices even lower. If current conditions persist, a breach below this level could accelerate downside momentum and reinforce the ongoing bearish trend.