Solana’s PumpFun has made one other SOL switch to the Kraken change. This marks their second deposit in as many days, elevating considerations a few 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.
Meanwhile, 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 counsel that PumpFun could also be trying to offload these cash, because it has achieved 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 gives a bearish outlook for the crypto because it may result in vital promoting stress. However, Solana’s fundamentals current a bullish outlook for SOL.
Market professional Nate Geraci lately predicted that the US Securities and Exchange Commission (SEC) will approve a Solana ETF this yr. A SOL ETF is bullish as it would drive extra institutional funds into the Solana ecosystem.
SOL Looks Primed To Reach New Highs
Amid the PumpFun transfers, crypto analysts have urged that the Solana worth is well-primed to achieve new highs. In an X publish, crypto analyst Satoshi Flipper acknowledged that the SOL price is now urgent towards a descending channel resistance.
The analyst added {that a} worth breakout from this present stage may ship Solana to $260, near its all-time excessive (ATH) of $263. Once it reaches this $260 worth goal, Satoshi Flipper remarked that Solana will enter worth discovery.
Meanwhile, crypto analyst Mercury additionally urged that Solana is about to achieve a brand new excessive. He acknowledged that he’s anticipating 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 matters that reduce throughout DeFi, NFTs, good contracts, and blockchain interoperability, amongst others. Boluwatife has a knack for simplifying probably the most technical ideas and making it straightforward for crypto newbies to grasp. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.
