- Pump.fun’s $640M Solana selloff and net outflows reflect intensifying bearish pressure.
- Derivatives data show negative funding and $19M long liquidations, confirming downside conviction.
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. At the same time, 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.
The combined signals indicate weakening confidence across both retail and institutional segments.
Has Solana lost bullish momentum?
Technically, SOL has broken below its ascending trendline after failing to sustain above the $179 resistance zone.
This rejection from the upper supply band opens the door for a drop toward the next key support between $140 and $145.
Moreover, the Stochastic RSI is hovering in the oversold zone, which often signals weak upward momentum. Therefore, without strong bullish triggers, the market may see further downside.
The rejection, coupled with the structural breakdown, reinforces the current bearish outlook and sets up a possible test of the lower demand region soon.
Source: TradingView
Deeper selling pressure ahead?
Data from CoinGlass confirmed bearish pressure in spot markets, with the 30th of May showing $273.26 million in outflows against $241.56 million in inflows.
This net outflow of $31.7 million reinforces concerns that whales and large holders are reducing exposure rather than accumulating.
These transactions mirror the behavior of Pump.fun and other entities unloading tokens onto exchanges.
Therefore, the 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.
Source: CoinGlass
Will negative funding drag prices further?
The OI-Weighted Funding Rate has slipped into negative territory again, 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. Traders now expect further declines, possibly toward the $140 region.
Unless there is a quick reversal in open interest behavior, shorts could dominate price action, pressuring SOL to explore lower levels in the short term.
Source: CoinGlass
Have long traders capitulated?
Liquidation data shows a sharp imbalance between long and short positions. On the 30th of May, long liquidations totaled $18.99 million, while short liquidations only reached $566.7K.
Bybit led the losses with over $10.9 million in longs wiped out, followed by Binance and OKX. This lopsided data shows that leveraged bulls were caught off-guard by the rejection from $179 and the subsequent dip.
Source: CoinGlass
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.
