Solana stalled near $165 as Pump.Fun launch diverted attention and liquidity.
PUMP’s chaotic $5.6B debut triggered exchange issues and investor backlash.
SOL holds support at $153; bulls eye $179 on a confirmed breakout.
Solana's SOL has hit a wall. While altcoins soared, SOL froze near $165, unable to break higher. Bitcoin led the charge, smashing records and pulling Ethereum, XRP, and SUI into double-digit rallies. But Solana stalled. Despite strong community buzz and positive vibes, momentum faded. Why? All signs point to Pump.Fun—a memecoin engine that exploded onto the scene with fire and fury. And just like that, Solana found itself in the back seat.
https://twitter.com/coinspeaker/status/1944912520105603472 Pump.Fun Steals the Spotlight
Pump.Fun launched like a rocket. The ICO raised $500 million in a flash. Exchanges like Kraken and Bybit couldn’t keep up. Systems failed. Traders raged. Refunds and rebates followed. The chaos didn’t stop there. When PUMP opened for trading on July 14, its fully diluted valuation hit $5.6 billion. That number turned heads and redirected wallets. Investors didn’t hesitate. Capital flowed into PUMP. Solana took a hit as attention shifted. Liquidity bled from the market.
Fear of missing out pulled eyes toward the memecoin and away from the core asset that built the playground. This hype cycle dropped SOL’s returns to just 9.2% this week. Compare that to Ethereum above $3,000 or XRP pushing past $3, and the contrast sharpens. Solana suddenly looked slow in a fast lane. Even worse, Pump.Fun’s messy rollout stirred up bad memories. Solana’s history with network outages still lingers. That shadow returned as exchanges struggled under demand. Confidence slipped. Traders backed off. Some feared a repeat of the past.
Bulls Refuse to Blink
Despite the drama, Solana’s bulls haven’t tapped out. Price continues to respect support at $153. That zone now acts like a springboard. Buyers show strength by holding SOL above $160 even while headwinds blow. The chart paints a clear picture. SOL tested $170 twice within 48 hours. Sellers held firm. Still, buyers didn’t retreat. They keep pushing near $165, hoping for a clean daily close above resistance.
If they succeed, $179 becomes the next stop. That mark aligns with the upper Donchian channel—a line drawn by traders with vision. The RSI reads 63. Not overheated. Not exhausted. Just warm enough to fuel another move upward. Volume? Still neutral. That signals calm, not collapse. Consolidation often precedes a storm. Bulls might be loading the slingshot.
A break below $153 could ruin this setup. If that level fails, bears will smell blood. A drop to $144 could follow. But for now, the structure remains bullish. Buyers stay focused. Solana waits for a spark. In the shadow of Pump.Fun’s chaos, SOL still holds ground. And maybe—just maybe—it’s preparing to run.
