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Solana Price Risks Drop Below $140 as Whale Dumps and Long Liquidations Surge

James Gathecha Avatar
James Gathecha
  • Whale sell-offs and nearly $19M in long liquidations are driving Solana toward the critical $140 support level.
  • Bearish sentiment dominates both spot and derivatives markets, signaling a potential deeper correction ahead.

Solana [SOL] is under increasing bearish pressure as large holders, most notably Pump.fun, offload massive amounts of tokens and long traders suffer steep liquidations. The convergence of on-chain and market data suggests SOL could soon test — or break — the crucial $140 support zone.

Pump.fun has deposited another 156,425 SOL, worth $25.74 million, to Kraken, pushing its cumulative sales past 3.49 million SOL ($640M). The frequency and size of these transactions point to a coordinated exit strategy. Coupled with a net outflow of $31.7 million on May 30, the broader sentiment appears bearish among both whales and retail investors.

Also read: Why 1,000 XRP Could Be Life-Changing by 2035: Price Forecasts, Institutional Investment, and Adoption Trends

Technically, SOL has broken down from its ascending trendline and failed to reclaim the $179 resistance, dropping over 5% in the last 24 hours to hover near $163.07. The current structure hints at continued weakness, with the next key demand zone sitting between $140 and $145. The Stochastic RSI is already in oversold territory, suggesting that any bullish attempts may lack conviction.

Derivatives markets further confirm the bearish outlook. CoinGlass data shows that the OI-Weighted Funding Rate has turned negative again, hitting –0.0015% — a clear signal that short positions are gaining traction. Traders appear to be hedging against further downside, expecting SOL to retrace toward lower levels.

The pressure is compounded by a spike in long liquidations. On May 30 alone, nearly $19 million in long positions were wiped out, compared to just $566.7K in shorts. Bybit led the losses, followed by Binance and OKX, highlighting just how unprepared leveraged bulls were for the drop from $179.

Unless bullish catalysts emerge soon, SOL’s trajectory may tilt further downward. The $140 support level is now a critical battleground. If it fails, Solana could enter a deeper correction phase, reinforcing the dominant bearish trend gripping the market.