A sharp transition between liquefaction and transient solidification is observed during impact on a granular suspension depending on the initial packing fraction. We demonstrate, via high-speed pressure measurements and a two-phase modeling, that this transition is controlled by a coupling between the granular pile dilatancy and the interstitial fluid pressure generated by the impact. Our results provide a generic mechanism for explaining the wide variety of impact responses in particulate media, from dry quicksand in powders to impact hardening in shear-thickening suspensions like cornstarch.