As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent moves made by Solana’s PumpFun platform. The back-to-back transfers of millions of dollars worth of SOL to Kraken have raised eyebrows and stirred concerns about a potential selloff, especially given the current rebound of SOL above $200.
The pattern of such large deposits followed by significant coin sales is reminiscent of a familiar dance that has played out in the crypto market numerous times before. However, it’s important to remember that past performance is not always indicative of future results.
On one hand, these transfers could indeed lead to selling pressure and put a bearish spin on SOL’s trajectory. Yet, on the other, Solana’s fundamentals are robust, with market experts like Nate Geraci predicting the approval of a Solana ETF this year. Such an event would undoubtedly drive more institutional funds into the Solana ecosystem, providing a bullish outlook for SOL.
The technical analysis also paints a bullish picture. With Solana pressing against a descending channel resistance and poised to potentially break through to new highs, it seems the stage is set for another exciting chapter in Solana’s story.
As for my prediction, I’d say that if Solana manages to breach the $260 price target, we might just witness a new era of price discovery. But remember folks, investing in crypto is like trying to predict the next dance move of a jitterbug on a rollercoaster – it’s unpredictable, exciting, and often leaves you breathless!
In jest, I can’t help but think that PumpFun might want to consider some dance lessons for their SOL – perhaps they could learn to do the foxtrot instead of the sell-off tango!
On two consecutive days, PumpFun from Solana has transferred SOL funds to the Kraken exchange. This double deposit is causing speculation that they might be planning to sell, which could lead to a possible drop in SOL price as it currently surges beyond $200.
PumpFun Transfers $13M As SOL Rebounds
According to on-chain information, it appears that PumpFun transferred approximately 63,171 units of currency, equivalent to around $13.11 million, into the Kraken trading platform. This action coincides with Solana’s (SOL) price surging above $200 once more, a level not seen since mid-December last year.
A day later, the leading cryptocurrency exchange received a deposit of approximately $22.8 million in SOL (120,000 SOL), which is the meme coin launchpad’s latest move. Moreover, on the previous day, they transferred around $32.7 million in SOL (172,436 SOL) to the same platform.
It appears that PumpFun might be considering getting rid of these coins, based on these transfers, as they have done so in previous instances. Notably, the Solana platform has moved 1.56 million SOL to a leading cryptocurrency exchange and sold 264,373 SOL for approximately $41.64 million.
The possibility of SOL coin sales may hint at a pessimistic trend in the crypto market due to potential high selling activity. Yet, Solana’s underlying strengths suggest a positive perspective for SOL coins.
According to market expert Nate Geraci, it’s likely that the United States Securities and Exchange Commission (SEC) will give the green light to a Solana Exchange Traded Fund (ETF) this year. This development is considered optimistic because it could lead to an influx of institutional investments into the Solana network.
SOL Looks Primed To Reach New Highs
During the recent PumpFun transactions, crypto experts predict that the Solana price could potentially hit new record highs. On his blog, crypto analyst Satoshi Flipper noted that the current Solana price is attempting to break through a resistance level in its descending channel.
The analyst commented that if Solana’s price were to burst through its current level, it could potentially reach approximately $260 – very close to its previous record high of $263. Upon achieving this projected price of $260, as noted by Satoshi Flipper, Solana would then be said to have entered a phase of price exploration or discovery.
Simultaneously, cryptocurrency analyst Mercury proposed that Solana could potentially hit a fresh peak. He noted that he’s keeping an eye on Solana reclaiming its 4-hour 200 moving averages (MA) and local resistance levels, which he believes could propel SOL to a new all-time high (ATH).
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2025-01-02 19:56