Pump Fun Sells 43,000 SOL As Solana Price Touches $220

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As a seasoned analyst with years of experience navigating the dynamic and often unpredictable crypto market, I find myself intrigued by the latest developments surrounding Solana (SOL). The recent offloading of SOL holdings by Pump Fun, coupled with the soaring price of SOL, paints an interesting picture.

After the surge in Solana’s price to $220, Meme Coin Launchpad Pump Fun has decided to sell more of its Solana holdings. This move is based on forecasts suggesting that Solana might soon reach its current record high and potentially surpass it shortly.

Pump Fun Sells 43,000 SOL As Solana Price Surges

In a recent post on X, the blockchain analysis platform Lookonchain disclosed that Pump Fun has offloaded approximately 43,000 SOL (equivalent to $9.46 million). Meanwhile, the meme coin launchpad has moved 793,243 SOL ($132.5 million) out of its total earnings, which are nearly 1.2 million SOL ($263 million). Data from Solscan indicates that the Pump Fun fee account presently contains roughly 220,865 SOL ($48.4 million).

This significant growth occurred when the value of Solana reached $220, marking its highest point this year. At present, the forecast for Solana (SOL) appears optimistic, as the price of Bitcoin is on the rise and there’s a general positive outlook in the broader cryptocurrency market.

The cost of Solana is likewise optimistic, considering the influx of liquidity into its system. As per Debridge’s data, approximately $160 million was transferred into the Solana ecosystem within the past week.

The surge in popularity for meme coins on the Solana network has played a role in these influxes, as investors are keen to trade these meme coins within the network. Today, this trend reached unprecedented heights, with Solana-based meme coins ACT and PNUT skyrocketing 1,300% and 250%, respectively, following Binance‘s listing of these coins on their spot market.

Over the past six weeks straight, Solana has surpassed Ethereum in weekly trading volume for decentralized exchanges (DEX). According to DeFiLlama’s data, Solana saw a trading volume of approximately $17.484 billion in the last week, compared to Ethereum’s DEX volume of around $14.97 billion during that same period.

SOL To Reach All-Time High Soon

In a recent post, the cryptocurrency analyst known as Altcoin Sherpa has forecasted that the price of Solana could soon reach its previous all-time high (ATH) of $260. This prediction was made with the reminder that investors should not underestimate the current momentum on the Solana network, likening it to the “biggest casino this cycle,” in reference to the popular meme coin trend.

Pump Fun Sells 43,000 SOL As Solana Price Touches $220

Based on a CoinGape market analysis, if Solana surpasses its all-time high of $260, it may rapidly reach $290. After its recent price surge, potential targets for Solana are set at $263 and $330, with speculation that it could potentially soar even higher to around $1,000 during this market cycle.

Currently as I pen this down, Solana’s value stands approximately at $219, marking an increase of more than 4% in the past 24 hours. The trading volume for SOL has surged over 40%, with a total of around $10.17 billion exchanged within that timeframe.

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2024-11-11 22:52