## Pumpfun Launches $8.85 Million Solana Token Sale Amid Market Turmoil
The popular meme coin launchpad, Pumpfun, has successfully sold $8.85 million worth of Solana (SOL) tokens. This sale comes at a time when Solana whales are offloading their assets, contributing to a notable 17% decline over the past week. The ongoing crypto downturn has affected altcoin traders, resulting in a 5% drop in total market capitalization and overall sentiment.
## Solana Bulls Lose Steam
On-chain data reveals that four wallets associated with Pumpfun sold 84,358 SOL, valued at over $8 million. Interestingly, this amount mirrors what the launchpad had deposited into Kraken just hours before the sale. As anticipated, the sale negatively impacted market sentiment, causing traders to panic. Shortly after the transaction, the price of SOL fell by 4%, settling at $103.5 amidst the market chaos. This week, Solana’s price has dipped below key support levels as traders succumbed to increased selling pressure. The asset has experienced a 17% decline this week and a 19% drop over the past 30 days.
Solana whales are transferring significant amounts of assets to centralized exchanges, indicating potential sales. This downward trend is prompting substantial exits from both institutional and retail traders. According to Lookonchain, one whale sold 100,000 SOL for approximately $10.7 million, while another unstaked 159,028 SOL and transferred 60,000 tokens valued at around $6.18 million. These massive outflows have adversely impacted the Solana meme coin market, with prices plummeting by 5%. Meme coins like TRUMP and BONK have seen even steeper declines, falling over 20% in the last week.
On a brighter note, SOL bulls are gearing up for a potential recovery, aiming to break through the $130 resistance level. Many traders believe that the approval of a Solana ETF in the United States could serve as a crucial catalyst for pushing the price past $200. Such funds would likely attract institutional interest, bolstering SOL’s growth trajectory. Expert trader Ali Martinez has pointed out a bullish scenario that could lead to over 35% growth. He noted, “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 shared on X.
## Wider Market Decline Edges On
Digital asset prices have taken a hit as the repercussions of President Trump’s sweeping tariffs begin to unfold. As of this writing, Bitcoin is trading at $76,779, down 4% in the last 24 hours. This decline in the market leader has triggered significant setbacks for altcoins. Ethereum has lost its $1,500 support level, with a 7% drop in the past day. XRP has mirrored this performance, falling to $1.79, while ADA has decreased by 6.7%. These exits have dampened institutional optimism as we approach the start of Q2 2025.
