Altcoin
Solana’s PumpFun Moves Another $13M As SOL Rebounds
Solana’s PumpFun has made another SOL transfer to the Kraken exchange. This marks their second deposit in as many days, raising concerns about a potential selloff just as SOL rebounds above $200.
PumpFun Transfers $13M As SOL Rebounds
Onchain data shows that the PumpFun platform has deposited 63,171 ($13.11 million) into the Kraken exchange. This move comes just as SOL rebounded above $200 for the first time since mid-December last year.
Meanwhile, it comes just a day after the meme coin launchpad deposited 120,000 SOL ($22.8 million) into the top crypto exchange. The platform had also transferred 172,436 SOL ($32.7 million) yesterday.
These transfers suggest that PumpFun may be looking to offload these coins, as it has done in the past. The Solana platform has deposited 1.56 million SOL to the top crypto exchange and sold 264,373 SOL for $41.64 million.
This potential sale of the SOL coins provides a bearish outlook for the crypto since it could lead to significant selling pressure. However, Solana’s fundamentals present a bullish outlook for SOL.
Market expert Nate Geraci recently predicted that the US Securities and Exchange Commission (SEC) will approve a Solana ETF this year. A SOL ETF is bullish as it will drive more institutional funds into the Solana ecosystem.
SOL Looks Primed To Reach New Highs
Amid the PumpFun transfers, crypto analysts have suggested that the Solana price is well-primed to reach new highs. In an X post, crypto analyst Satoshi Flipper stated that the SOL price is now pressing against a descending channel resistance.
The analyst added that a price breakout from this current level could send Solana to $260, close to its all-time high (ATH) of $263. Once it reaches this $260 price target, Satoshi Flipper remarked that Solana will enter price discovery.
Meanwhile, crypto analyst Mercury also suggested that Solana is set to reach a new high. He stated that he is watching for a reclaim of the 4-hour 200 moving averages (MA) plus the local resistance to swing SOL to a new ATH.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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