While most top cryptocurrencies gained between 3% to 4% this week, Solana alone fell nearly 3.5%, making it one of the weakest major coins. Santiment data shows extremely negative sentiment around SOL has reached its highest level this year.
However, a well-known crypto analyst believes this fear could set up a rally toward $100 and even $127.
Solana Sentiment Turns “Extremely Negative”
According to the Santiment data, negative sentiment around Solana has reached its highest level of 2026. On social media, more traders are posting negative comments about SOL now than at any other time this year.
At the same time, Solana’s trading volume has dropped to just $2.27 billion, its lowest level of 2026.
Santiment suggests that when most investors become extremely bearish, it usually means many weak hands have already sold. As selling pressure starts to dry up, even a small wave of new buyers can move the price higher.
Pump.fun Selling Has Kept Pressure on SOL
One major reason behind Solana’s recent weakness has been continuous selling from Pump.fun.
According to Arkham data, the platform reportedly sold nearly $10 million worth of SOL in a single day, while its cumulative SOL sales have now reached around $780 million. In late May alone, Pump.fun sold roughly 100,000 SOL, valued at about $8.3 million, in one transaction.
Since the platform regularly converts its revenue into SOL sales, every large transaction adds new supply to the market, making it harder for buyers to push prices higher.
Solana Still Leads Every Major Blockchain
Despite all, Solana continues to dominate blockchain activity. Recent DeFi data shows Solana ranked first in decentralized exchange (DEX) trading volume across the 24-hour, seven-day, and 30-day timeframes.
The network processed around $2.44 billion in DEX volume over the past day, far ahead of Ethereum’s $1.58 billion.
Solana also continues to lead major crypto sectors, including tokenized stocks, real-world assets (RWAs), stablecoins, and on-chain payments.
Bullish Signals Begin to Return
Meanwhile, crypto analyst Ali Martinez pointed to several technical and on-chain signals that are starting to improve.
The first one Ali highlighted is the SuperTrend indicator, which flipped bullish after Solana reclaimed the $78 level, indicating that buyers are slowly gaining control.
On-chain data also supports the recovery. Between June 24 and July 3, nearly 1.5 million SOL left centralized exchanges. During the same period, the Solana network added around 1.6 million new addresses, showing continued user growth despite weak price action.
Still, one major resistance Ali points to is URPD.
According to the URPD (UTXO Realized Price Distribution), the data shows heavy supply between $79 and $85, where roughly 105 million SOL previously changed hands. Breaking above this zone could open the door toward the next major targets at $100 and $127.
However, if SOL loses support at $74, the bullish setup could fail and expose the price to the next major support near $53.
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