Solana price has risen by 8% in the last 24 hours, largely driven by PumpFun’s $316M deposit to Kraken.
This large transaction has significantly impacted market liquidity, and analysts predict Solana could see a 70-110% price increase soon.
PumpFun’s Strategic SOL Moves to Kraken
The recent Solana (SOL) deposits to Kraken, an industry-leading global exchange, have been making significant waves in the cryptocurrency market.
PumpFun has deposited 63,171 SOL, worth roughly about 13.11 million dollars, to Kraken over the past few days. This substantial transaction demonstrates the platform’s large role in the Solana ecosystem.
Now, PumpFun has deposited a total of 1,564,064 SOL in total, or approximately $316.5 million, and has sold 264,373 SOL for a total of $41.64 million in USDC.
Solana’s liquidity is growing, and while that liquidity is consistent between wallets and exchanges, it’s also indicative of its integration into broader market trends.
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These transfers have drawn many market participants’ attention because they may have an indication of future price volatility.
Large amounts of SOL being deposited to exchanges such as Kraken can have unintended impacts on liquidity, pricing pressure, and market sentiment, particularly in high-frequency trading environments.
The deposits and sales of PumpFun also suggest that PumpFun is capitalizing on current market conditions.
PumpFun could presumably use the movement of tokens to make a profit or as preparation for the future movement.
Solana Price Poised for Bull Run: Analyst anticipates 70% – 110% gains
Solana’s price is beginning to look optimistic and there are increased increments of optimism about how the coin will perform.
Solana is looking at a potential breakout, according to analyst Javon Marks after a retest. Targets are between $360 and $457.97, and Marks expects prices to increase by 70% and 110%.
These are predictions grounded in recent Solana price action and market support, which suggest the blockchain has a solid base after dips.
Over the past few years, Solana has been perhaps one of the standout performers in the cryptocurrency market and the technicals for the coin are painting a bullish picture.
Retest after the recent correction indicates that Solana may hold on to begin a new phase of its bull run.
If Solana can hold support levels, this could open up a continuation higher in price to this high target range.
Last but not least, the Solana ecosystem has been growing as well, with more decentralized applications (dApps) and decentralized finance (DeFi) platforms built up on its blockchain.
This can help keep the price of Solana’s SOL tokens elevated as demand for the tokens continues to grow.
Whether these price levels may be seen in Solana will primarily hinge on how market conditions are going to be, how the adoption rate is going to be, and as a whole, how the sentiment regarding the crypto space is going to be.
Solana’s Volume and Open Interest Surge: A Strong Market Momentum
Solana has experienced some rapid shifts with volume over the past several months, with spikes in price correlating with higher volume.
Amongst them all, August saw SOL enjoy a notable surge, with rising trading volume that showed signs of growing market participation.
Despite so much downside, Solana’s price has remained rather strong within the $180 and $240 range, showing there is still a lot of demand between investors and traders.
Such a surge in volumes suggests that Solana is building a solid price floor, which will, needless to say, result in increased market activity.
Solana futures open interest had grown by 11.16% over the last month to $5.24 billion. These figures indicate that institutional and retail investors are becoming increasingly active in the market.
With an options volume of 288.74% to $1.4 million, combined with the surge in market participation, traders are starting to have the belief that Solana’s future is bullish.
Also, the options open interest rose by 60.55% to $2.21 million, concurring with the added market assurance.
Is It this the Beginning of a New Bullish Trend for Solana price?
In the last 24 hours, Solana has surged 8.72% and is trading at $206.19 after fluctuating between a low of $189.62 and a high of $209.07.
Solana’s price action also indicates support around the $200 area, which previously served as the key support area in the past few days.
The recent price increase indicates Solana is preparing to breach its $210 resistance level as more bullish momentum enters the market.
Yet, despite this rise in prices, Solana trades about 21.55% below its all-time high of $263.83, recorded in November 2024.
