Pump.fun’s substantial transfer of 148.7K SOL to Kraken has sparked speculation regarding the potential decline in the Solana price.
The Solana price is under substantial pressure despite the global crypto market’s recent rebound to $3.16 trillion. The current struggle of Solana is predominantly the result of pump.fun’s substantial SOL sell-off. Pump.fun’s substantial transfer of 148.7K SOL to Kraken was recently disclosed by Lookonchain.
Pump.fun Moves $28 million SOL: Solana Price in Peril
This is by an X post shared by the on-chain analytics platform Lookonchain, Pump.fun Solana’s memecoin launchpad transferred a staggering 148,759 SOL, valued at approximately $28.22 million, to Kraken. This substantial sell-off has intensified speculation regarding the potential adverse trend of Solana price.
Pump.fun has transferred 2,280,377 SOL, approximately $462 million, to Kraken. The platform has sold 264,373 SOL for 41.64 million USDC. The Pump.fun address maintains a significant balance of 16,877 SOL, implying that a deliberate reserve was established following the transaction.
Notably, Pump.fun’s substantial SOL sell-off has generated significant market chatter, leading to speculation regarding the imminent decline in Solana prices. SOL experienced a marginal decrease of 1.2% immediately following the transfer.
Is Solana experiencing a decline to new depths?
Solana is trading at $191.17, with a modest increase of 0.20% in the past 24 hours. The Solana price has experienced minor increases of 2.68 and 0.55% monthly and weekly, respectively.
In the interim, Binance Coin (BNB) has surpassed Solana in market capitalization, with a total of $96.15 billion, as opposed to Solana’s $93.16 billion. This has caused some concern. The changing market sentiment indicates this anxiety, as Solana’s 24-hour trading volume has decreased by 11.51%, presently at $3.39 billion.
The Solana price has fallen significantly below the volume-weighted average price (VWAP) support level, which has been in place since the September low. Even though the level has historically offered a purchasing opportunity, the probability of a breakdown may be heightened by repeated tests.
The market is gripped by fear; can the price of Solana avoid a $120 decline?
It is essential to observe that the Solana price has been trading within established boundaries for over 83 days, indicating that it is consolidating. As per Crypto School, the HTF support level is $176. Furthermore, it is recognized that the price could plummet to extreme lows if it falls below $165.
The most recent predictions from DeepSeek have exacerbated apprehensions regarding the potential bear market in Solana. They predict Solana’s price may decline to $120 in Q1 2025. Nevertheless, DeepSeek also proposes an alternative scenario in which the token could experience a significant increase to $250 during the same time frame.
Is it possible for Solana to recover? Analysts Offer Their Opinions
Analysts are optimistic about the possibility of a bullish reversal despite the rumors of a bearish trend. Rose Premium Signals, a crypto voice on X, has identified three favorable targets for the Solana price: $296.38, $339.55, and $384.56. Simultaneously, Kyren proposes an even more ambitious objective of $500 for SOL, anticipating that the token will achieve this level in 2025.
The prospective launch of Coinbase Derivatives‘ SOL Futures contract product could be the primary factor contributing to a positive outlook on Solana’s future trend.
The market’s future is uncertain amid conflicting predictions of optimistic and bearish trends. Therefore, it is recommended that traders exercise caution, conduct comprehensive research, and remain informed before making investment decisions.
