Shortly after Pump, Solana initiated a 10% price reversal pump.fun finished the second Solana transfer of $55 million to the Kraken exchange.
After $55 million was transferred from Pump.fun’s fee account to the Kraken cryptocurrency exchange, SOL’s price increased by more than 10%.
SOL$209.04 had an intraday surge of over 10% following a notable rebound from a January 1 fall to $189 at 5:00 pm UTC.
On January 1, SOL’s price started to increase at roughly 6:00 pm UTC, almost an hour after $55 million worth of SOL was sent to the Kraken cryptocurrency exchange by the fee account linked to the memecoin launch platform Pump.fun.
On January 1, Pump.fun made two deposits to the Kraken exchange. According to Solscan data, the first SOL transfer, valued at $22.8 million, occurred at 4:37 pm UTC, and the second, valued at $32.7 million, occurred at 5:45 pm.
Throughout 2024, SOL has been under much sales pressure thanks to the memecoin launch platform. According to Lookonchain data, Pump.fun has sold more than $41 million worth of SOL tokens to date and deposited more than $303 million worth of SOL to Kraken.
When the Solana ETF is approved, will the SOL price reach $400 in 2025?
Based on past chart trends and rising interest in the first US spot Solana exchange-traded fund (ETF), SOL might be headed for $400.
A growing number of investors are placing bets that a spot SOL ETF will be approved before the end of 2025.
According to Polymarket statistics, the leading decentralized forecasts market had a 76% chance of having a US spot Solana ETF.
“An ETF approval in the US would have a positive price impact on Solana since the probability is low and therefore not yet priced in,” Alejo Pinto, the founder of the Solana layer-2 network Lumio and a former IBM blockchain growth lead, said.
The primary asset management firms VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital are among the firms competing for a place in the SOL ETF.
The four other applicants anticipate receiving a preliminary decision by January 25, 45 days after the US Securities and Exchange Commission formally accepted the ETF proposal for examination in November. Grayscale’s Solana ETF application is due on January 23.
On August 7, Brazil authorized its first Solana ETF, establishing a standard for other international governments.
On December 11, Solana surged again above $230 because of Bitwise’s $750 price goal and increased trader interest in a SOL ETF.
