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Solana price faced renewed pressure after Pump.fun moved another large batch of SOL toward Kraken. The transfer added concerns about potential sell-side pressure as the token weakened.
However, sentiment data showed extreme pessimism around Solana. Analysts are now watching whether the $73-$76 support area can hold and support a broader recovery.
SOL Price Takes a Hit As PumpFun Deposits Solana to Exchange
SOL price has been under pressure, crashing to $75 on Wednesday, July 8. This happened amid reports that the Solana-based no-code crypto launchpad, PumpFun, deposited nearly $10 million worth of Solana on the crypto exchange.
Crypto analyst Ted Pillows said Pump.fun has now offloaded approximately $794 million worth of SOL since it began liquidating its treasury holdings. Ted Pillows described the continued sales as “maximum extraction,” highlighting the sustained selling pressure. Note that PumpFun is one of the largest SOL holders currently in the market.
Solana Negative Sentiment Hits Highest Levels in 2026
Blockchain analytics platform Santiment reported that negative sentiment surrounding Solana has reached its highest level of 2026. On the other hand, the SOL trading volume has fallen to its lowest point this year.
Santiment noted that this surge in negative sentiment is largely due to investor frustration that Solana’s strong narratives around tokenized stocks and real-world assets (RWAs) have not translated into meaningful SOL price gains.
Despite the pessimism, the analytics firm said the current setup could be constructive from a contrarian perspective. Citing historical patterns, Santiment stated that periods of FUD and subdued trading activity have often led to sharp price recoveries for SOL.
SOL Price Could Rally to $100
Crypto analyst Michael van de Poppe said Solana is approaching a key technical support zone between $73 and $76. According to him, a successful rebound from that range would signal renewed bullish momentum and trigger a SOL price rally to $100. However, he warned that failure to hold the support zone could trigger fresh lows.
The analyst also reiterated his long-term bullish view on Solana, calling it a core holding for investors. He added that SOL remains in an uptrend against both the U.S. dollar and Bitcoin.
