Solana Whale Wallets Drop 3.6% Since May as SOL Fails at $84 Resistance

Solana’s whale wallet count has fallen 3.6% since May, according to on-chain data cited by analyst Ali Martinez, a decline that coincides with SOL’s rejection at the $84 local resistance level and a fresh wave of Pump.Fun token sales exceeding $800 million.

SOL is down roughly 4% over the past week even as it remains up 4.8% on a monthly basis, leaving the token stuck in a choppy range rather than a clean trend in either direction.

Fewer whales, bigger trades

The drop in large-wallet addresses is only part of the picture. CryptoQuant data shows the average size of executed spot trades on Solana has climbed over the past six months, a metric derived by dividing total trading volume by the number of trades executed.

That rising average — pushed higher partly by a falling trade count — has moved the metric into territory typically associated with large, whale-sized orders, a signal that can indicate accumulation by bigger players even as the overall whale headcount shrinks.

Analysts note this is not a new pattern. A similar combination of fewer whale wallets and larger average order sizes appeared between February and April, yet it failed to produce a sustained break back above the $100 level. That precedent is fueling caution that the current setup could again fall short of triggering a durable recovery.

Pump.Fun keeps selling

Adding to the distribution narrative, on-chain tracker Lookonchain reported that Pump.Fun offloaded another $6.15 million worth of SOL in recent hours. That brings the platform’s cumulative sales to just over $800 million, executed at an average token price of $169.

Persistent selling from a large, identifiable source like Pump.Fun adds a steady stream of supply that traders must absorb, and it can act as a headwind for any rally attempt, particularly one already struggling to clear the $84 resistance zone.

Why it matters for SOL holders

For traders watching Solana’s next move, the combination of a shrinking whale base, larger average trade sizes, and continued Pump.Fun distribution paints a mixed picture: some large-holder accumulation may be underway, but the broader trend still resembles the failed February-April setup that never reclaimed triple digits.

Liquidation heatmap data referenced in market commentary has flagged specific price zones where leveraged positions could be forced to close, underscoring that both upside and downside moves from current levels could be amplified by cascading liquidations rather than organic demand.

Read more: SOL Defends $77 Support as ADA Consolidates Amid Layer-1 Risk-Off Pressure

Sources

• ambcrypto.com
• bitcoinist.com