Solana Price in Trouble as Pump.fun Offloads $28M SOL
Overview
The global crypto market has recently seen a rebound, with the market capitalization reaching $3.16 trillion. However, Solana, a popular cryptocurrency, is facing significant pressure due to the massive sell-off by Pump.fun, a Solana’s memecoin launchpad.
Pump.fun’s Significant Transfer of SOL to Kraken
According to a recent post by Lookonchain, Pump.fun executed a massive transfer of 148,759 SOL, worth approximately $28.22 million, to Kraken. This significant sell-off has sparked speculations about Solana’s potential bearish trend.
Solana Price Analysis
Solana is currently trading at $191.17, with a slight surge of 0.20% over the last 24 hours. On a monthly and weekly basis, the Solana price has witnessed slight upticks of 2.68% and 0.55%, respectively.
Market Sentiment and Trading Volume
Binance Coin (BNB) has surpassed Solana in market capitalization, reaching $96.15 billion, which has sparked concern. The changing market sentiment is demonstrated in the declining 24-hour trading volume, which is down by 11.51%, currently at $3.39 billion. Additionally, the Solana price has dropped below the volume-weighted average price (VWAP) support level, which has been in place since the September low.
Fear Grips Market: Can Solana Price Avoid $120 Drop?
It is essential to note that the Solana price has been consolidating for over 83 days, trading within established boundaries. According to Crypto School, the HTF support level is clearly identified at $176. Notably, a break below $165 could pull the price down to severe lows.
DeepSeek’s Predictions and Alternative Scenarios
DeepSeek’s latest predictions have added fuel to concerns about Solana’s potential bear market. According to their forecast, Solana’s price may plummet to $120 in Q1 2025. However, DeepSeek also suggests an alternative scenario, where the token could surge to $250 during the same period.
Will Solana Rebound? Analysts Weigh In
Despite speculations about a bearish trend, analysts remain optimistic about a potential bullish reversal. Rose Premium Signals, a crypto voice on X, provides three bullish targets for Solana’s price, including $296.38, $339.55, and $384.56. Meanwhile, Kyren presents a more ambitious target of $500 for SOL, predicting that the token will hit the level in 2025.
Conclusion
The recent sell-off by Pump.fun has left the Solana community in a state of uncertainty. While some analysts predict a bearish trend, others remain optimistic about a potential rebound. As the market continues to evolve, it is essential for investors to stay informed and exercise caution.
FAQs
Q: What is Pump.fun?
A: Pump.fun is a Solana’s memecoin launchpad that has recently offloaded $28M SOL to Kraken.
Q: What is the current price of Solana?
A: The current price of Solana is $191.17, with a slight surge of 0.20% over the last 24 hours.
Q: What is the market capitalization of Solana?
A: The market capitalization of Solana is $93.16 billion, which has been surpassed by Binance Coin (BNB) with a market capitalization of $96.15 billion.
Q: What are the predictions for Solana’s price?
A: DeepSeek predicts that Solana’s price may plummet to $120 in Q1 2025, while some analysts predict a potential rebound, with targets at $296.38, $339.55, and $384.56.
