Solana Holds $80 as Goldman Exit, Token Sales Weigh on Price

Solana (SOL) held the low-$80 range on Saturday ET as a cluster of selling signals—from institutional positioning to on-chain treasury flows—kept pressure on the layer-1 token after it failed to sustain May’s rally above $95.

According to CoinMarketCap data cited in the report, SOL traded at $81.83 in the morning hours Saturday ET, down 1.23% over 24 hours. Losses widened to 3.35% over the past week, while the token slipped 1.96% over the last 30 days. Solana’s market capitalization hovered around $47.3 billion, keeping it ranked seventh among cryptocurrencies by market cap.

The immediate catalyst for the latest soft patch has been a one-two hit from traditional finance activity and ecosystem supply. The report said Goldman Sachs had fully liquidated its Solana-related ETF exposure—an exit that traders interpreted as a negative signal for near-term 'institutional demand,' given the symbolic importance of large banks’ participation in digital-asset products.

At the same time, Pump.fun—one of Solana’s most active meme-coin issuance platforms—was observed selling more than 100,000 SOL around the $84.50 level, worth roughly $8.5 million. While the sale appeared consistent with routine operational funding, the additional tokens entering the market amplified concerns about short-term 'liquidity' and near-term oversupply.

Technically, Solana remains under its 50-day moving average, cited at $86.50, reinforcing a cautious market tone. The report described repeated rebound attempts that failed to break higher, producing a 'lower highs' sequence often associated with weakening momentum. MEXC’s market analysis flagged $78.17 as a key support zone; a clean break below that level could open the door to a deeper pullback, with some estimates pointing to $58 as a potential downside area if bearish conditions intensify.

Derivatives data also reflected a cooling appetite for risk. Trading activity and open interest declined at the same time, suggesting participants have been reducing exposure rather than adding fresh leverage—a pattern that typically coincides with greater sensitivity to spot-driven moves and headline shocks.

Despite the near-term price fragility, governance discussions inside the Solana ecosystem have remained active, with some community members pushing for changes aimed at improving long-run sustainability. The report highlighted renewed attention on a potential 'SOL burn' mechanism tied to network fees—an approach broadly comparable to Ethereum’s (ETH) EIP-1559 design, which redirects part of transaction fees in a way that can reduce effective supply. Supporters argue a burn could help counter inflation dynamics and strengthen token value over time, while critics warn that lowering validator rewards may create security and incentive trade-offs, making consensus difficult in the short run.

On-chain activity indicators, however, were portrayed as broadly resilient. The report noted ongoing traction across meme-coin launches, DeFi expansion, and NFT trading, with 24-hour SOL trading volume around $2.15 billion. Still, volume fell 7.11% from the prior day, hinting at fading immediate dip-buying interest even as overall liquidity across centralized exchanges (CEXs) and decentralized exchanges (DEXs) remained adequate.

Market participants are now watching whether the $78 support band holds, how derivatives positioning evolves, and how early-June Federal Reserve messaging shapes broader risk sentiment. For Solana, the near-term tug-of-war is increasingly defined by weakening technical structure and signs of institutional retrenchment, set against an ecosystem that continues to generate high levels of activity—conditions that could translate into wider volatility as June begins.