Pump.fun, the memecoin launchpad on Solana, sold another 122,498 SOL worth $10.08 million, bringing total sales to 4,656,826 SOL valued at $794.8 million at an average price of $170.70. While Pump.fun drives strong on-chain activity with daily spot volume near $725 million and over 517,000 wallets active, analysts argue the platform extracts value from Solana rather than recycling it. SOL remains below key resistance around $80, struggling to reclaim the $100 level despite growing fundamentals, raising questions about its third-quarter outlook.
For Layer 1 networks, price action is not driven solely by technicals. Solana fits this narrative well, as its growth ties directly to ecosystem performance on-chain.
Pump.fun recently sold another 122,498 SOL, worth $10.08 million. That brings its total SOL sales to 4,656,826 SOL, valued at $794.8 million, at an average selling price of $170.70.
The platform has become one of Solana’s most active trading venues. Daily spot volume has climbed to around $725 million, with more than 517,000 wallets interacting with on-chain decentralized exchanges.
Since June 27, Pump.fun’s revenue has grown 32.2%. Weekly DEX trading volume has increased 57.2% compared with early June.
As one of Solana’s biggest applications, Pump.fun continues to be a major driver of on-chain activity. Its latest round of SOL sales quickly grabbed the market’s attention.
The move reignited a debate around Pump.fun’s “extraction” narrative. Analysts argue that the platform continuously takes value out of the ecosystem rather than recycling it back into Solana.
Some market participants are starting to question Solana’s [SOL] third-quarter outlook. On one hand, Pump.fun’s growth reflects the strength of Solana’s network.
The thesis is straightforward: as a leading memecoin launchpad, Pump.fun generates trading volume because Solana provides the liquidity and low-cost infrastructure. Higher application activity translates into stronger demand for Solana’s on-chain fundamentals.
From a technical perspective, this argument is gaining attention. Despite strong network activity and rising on-chain metrics, SOL is still struggling to reclaim the $100 level.
With the latest $10 million SOL sell-off adding more pressure, key resistance around $80 remains a major hurdle for bulls. This puts Solana’s fundamentals under the spotlight.
The big question is whether Solana’s network growth and on-chain activity can translate into enough demand to push SOL above key resistance levels. If not, the weakness may extend beyond technicals, creating a more challenging setup for the third quarter.
