Solana ($SOL ) is experiencing renewed selling pressure, influenced by broader market downturns and large-scale liquidations from memecoin launchpad Pump Fun. On-chain data from Lookonchain confirms that Pump Fun has transferred another 98,000 SOL ($22.27M) to Kraken, marking its second significant deposit in just 24 hours.
This comes after a prior 90,000 SOL ($20.5M) sale, adding to the platform’s total deposits of 1.99M SOL ($407M) on Kraken, with 264,373 SOL already converted into $41.64M USDC. Historically, such massive selloffs have impacted SOL’s price movement, with the latest transactions coinciding with a 3.98% drop, bringing SOL down to $233.
🚀 Will Pump Fun Halt Its Selloffs?
Pump Fun has generated substantial profits, amassing 2.57M SOL ($588.6M) in revenue. However, market analysts suggest that the ongoing legal challenges the platform faces may necessitate further liquidations to manage legal costs. If these sell-offs persist, short-term price fluctuations could continue.
📈 Solana Price Forecast: What’s Next?
Despite the recent rejection at $235, Solana’s broader adoption remains strong, with growing interest in memecoins like TRUMP and MELANIA adding to network activity. Notably, Bitwise maintains a bullish outlook, projecting a $750 price target for SOL in 2025.
Additionally, increased institutional interest and potential ETF developments keep Solana in the spotlight, hinting at a potential long-term rally. While short-term selling pressure remains a challenge, analysts continue to see SOL as a strong contender for future gains.
Will Pump Fun’s sell-offs subside, or will further sales add to the pressure? Share your thoughts below! ⬇️
