Solana’s PumpFun has made one other SOL switch to the Kraken change. This marks their second deposit in as many days, elevating issues a couple of potential selloff simply as SOL rebounds above $200.
PumpFun Transfers $13M As SOL Rebounds
Onchain data reveals that the PumpFun platform has deposited 63,171 ($13.11 million) into the Kraken change. This transfer comes simply as SOL rebounded above $200 for the primary time since mid-December final yr.
In the meantime, it comes only a day after the meme coin launchpad deposited 120,000 SOL ($22.8 million) into the highest crypto change. The platform had additionally transferred 172,436 SOL ($32.7 million) yesterday.
These transfers recommend that PumpFun could also be trying to offload these cash, because it has completed up to now. The Solana platform has deposited 1.56 million SOL to the top crypto exchange and offered 264,373 SOL for $41.64 million.
This potential sale of the SOL cash supplies a bearish outlook for the crypto because it may result in important promoting stress. Nonetheless, Solana’s fundamentals current a bullish outlook for SOL.
Market professional Nate Geraci just lately predicted that the US Securities and Trade Fee (SEC) will approve a Solana ETF this yr. A SOL ETF is bullish as it’ll drive extra institutional funds into the Solana ecosystem.
SOL Appears Primed To Attain New Highs
Amid the PumpFun transfers, crypto analysts have instructed that the Solana worth is well-primed to achieve new highs. In an X submit, crypto analyst Satoshi Flipper said that the SOL price is now urgent towards a descending channel resistance.
The analyst added {that a} worth breakout from this present degree may ship Solana to $260, near its all-time excessive (ATH) of $263. As soon as it reaches this $260 worth goal, Satoshi Flipper remarked that Solana will enter worth discovery.
In the meantime, crypto analyst Mercury additionally instructed that Solana is ready to achieve a brand new excessive. He said that he’s looking forward to a reclaim of the 4-hour 200 transferring averages (MA) plus the native resistance to swing SOL to a brand new ATH.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has lined subjects that reduce throughout DeFi, NFTs, good contracts, and blockchain interoperability, amongst others. Boluwatife has a knack for simplifying essentially the most technical ideas and making it simple for crypto newbies to grasp. Away from writing, He’s an avid basketball lover and a part-time degen.
Disclaimer: The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
✓ Share: