📰 Why are miners suddenly dumping $600 million worth of SOL? Why is SOL at $121.12 accelerating its crash?
Pump Fun, the coin-selling bot, has recently been疯狂出货 SOL, cashing out $60,000 at once and selling nearly 50,000 SOL. This move has shaken the market badly, because it implies that the total amount of SOL already liquidated is now close to $850 million. For DeFi projects that rely on SOL to issue tokens, this is definitely not a good sign.
Why is this news important?
The main reason SOL’s price is falling is that, as the bull run fades, many project teams are being forced to sell SOL to cover their debts when their reserves are in the red. Pump Fun’s actions are just a visible slice of this broader liquidation mechanism. It’s similar to the “vicious cycle” during the 2022 crypto crash— the more it drops, the more they need to sell to repay debts, and the more they sell, the further it falls.
Market impact
- For SOL: In the short term, it may continue testing lower levels than $121.12. But if it breaks below this price, miners’ and project teams’ selling could spiral out of control. If miners begin large-scale suspension of mining (hashrate is still increasing right now), then $121.12 could become a historic low.
- For BTC/ETH: In the short term, it may boost “risk-off” sentiment, because capital flows back from higher-risk SOL into Bitcoin and other major coins. But as long as ETH continues to trade sideways in the $2,700–$2,698.25 range, this inflow likely won’t last.
- Historically: Similar events occurred at the end of the 2018 bull market ($BTC falling from $772.52 to $360). Back then, a large number of Layer1 project teams’ reserves were depleted, triggering a cascading crash.
💡 In the short term, SOL will very likely continue testing lower than $121.12—but this view assumes that BNB cannot fall below $760. If BNB starts dropping below that level, it would mean that “safe-haven” capital has already been exhausted, and SOL could plunge directly to $121.12 due to panic selling. If the hashrate data shows its first decline, this outlook is invalid.
【Author’s Style】This article has no project sponsorship, and the author does not hold any of the assets mentioned.
⚠️ Not investment advice; predictions are for reference only
#BTC $ETH #ETH
Pump Fun, the coin-selling bot, has recently been疯狂出货 SOL, cashing out $60,000 at once and selling nearly 50,000 SOL. This move has shaken the market badly, because it implies that the total amount of SOL already liquidated is now close to $850 million. For DeFi projects that rely on SOL to issue tokens, this is definitely not a good sign.
Why is this news important?
The main reason SOL’s price is falling is that, as the bull run fades, many project teams are being forced to sell SOL to cover their debts when their reserves are in the red. Pump Fun’s actions are just a visible slice of this broader liquidation mechanism. It’s similar to the “vicious cycle” during the 2022 crypto crash— the more it drops, the more they need to sell to repay debts, and the more they sell, the further it falls.
Market impact
- For SOL: In the short term, it may continue testing lower levels than $121.12. But if it breaks below this price, miners’ and project teams’ selling could spiral out of control. If miners begin large-scale suspension of mining (hashrate is still increasing right now), then $121.12 could become a historic low.
- For BTC/ETH: In the short term, it may boost “risk-off” sentiment, because capital flows back from higher-risk SOL into Bitcoin and other major coins. But as long as ETH continues to trade sideways in the $2,700–$2,698.25 range, this inflow likely won’t last.
- Historically: Similar events occurred at the end of the 2018 bull market ($BTC falling from $772.52 to $360). Back then, a large number of Layer1 project teams’ reserves were depleted, triggering a cascading crash.
💡 In the short term, SOL will very likely continue testing lower than $121.12—but this view assumes that BNB cannot fall below $760. If BNB starts dropping below that level, it would mean that “safe-haven” capital has already been exhausted, and SOL could plunge directly to $121.12 due to panic selling. If the hashrate data shows its first decline, this outlook is invalid.
【Author’s Style】This article has no project sponsorship, and the author does not hold any of the assets mentioned.
⚠️ Not investment advice; predictions are for reference only
#BTC $ETH #ETH
