For Layer 1 networks, price action does not depend solely on technical factors. Solana fits this narrative well.
As the first layer that powers the entire ecosystem, Solana’s growth story is not just about price action or creating value for token holders. It is also linked to how applications and protocols perform within their on-chain ecosystem, driving network demand, revenue, and overall activity.
With that in mind, Pump.fun is back in the spotlight again.
The exchange recently sold another 122,498 SOL worth $10.08 million. This brings total SOL sales to 4,656,826 SOL, valued at $794.8 million, with an average selling price of $170.70.
The chart below shows why this last step has become a major point of discussion.
It is clear that Pump.fun has become one of the most active trading venues on Solana.
Daily trading volume has risen to around $725 million, with more than 517,000 wallets interacting with on-chain DEXs.
Furthermore, since June 27, Pump.fun’s revenue has increased by 32.2%, while weekly DEX trading volume has increased by 57.2% compared to early June.
As one of Solana’s largest applications, Pump.fun continues to be a major driver of on-chain activity.
Against this background, the latest round of SOL sales quickly attracted the market’s attention. The move reignited debate over Pump.fun’s “extraction” narrative, with analysts saying the platform is constantly taking value from the ecosystem rather than recycling it back into Solana.
As a result, some market participants are starting to wonder Solanas (SOL) Q3 forecast.
Pump.fun’s sell-off tests Solana fundamentals
On the one hand, Pump.fun’s growth reflects the strength of the Solana network.
The thesis is clear and direct. As a leading memecoin launcher, Pump.fun is only able to generate this level of trading volume because Solana provides the liquidity and low-cost infrastructure to support it. From a network perspective, this is a constructive signal, as higher application activity translates into stronger demand for Solana on-chain fundamentals.
the debateHowever, it starts with how this value is ultimately distributed.
From a technical perspective, this argument is starting to gain traction. Despite strong network activity and rising on-chain metrics, SOL is still struggling to regain the $100 level. With the recent $10 million SOL sell-off adding further pressure, key resistance around $80 remains a major hurdle for the bulls.
This puts Solana’s fundamentals in the spotlight.
With Pump.fun selling pressure and the broader market averse to risk, the big question is whether Solana network growth and cross-chain activity can translate into enough demand to push SOL above key resistance levels.
If not, the weakness could extend beyond technical matters, creating a more challenging environment for the third quarter.
Final summary
- Pump.fun is driving strong business in Solana, but its SOL sales have raised concerns about the value leaving the ecosystem.
- SOL remains under pressure despite strong fundamentals, with Q3 dependent on whether network growth can overcome selling pressure.
