Solana breaks major downtrend with multiple rallies as Pump.fun moves millions in SOL and unlocks billions of PUMP tokens.
Pump.fun deposits over $715M SOL to Kraken amid Solana surge toward $250, boosting market activity and trader optimism.
Cult token plans and strong technical breakouts push Solana momentum higher despite risks from large-scale token unlocks.
Solana’s market momentum has surged sharply, breaking through a stubborn downtrend after several powerful breakout waves. In recent trading, SOL jumped 7%, then 14%, and another 14% in quick succession. The rally pushed the token toward a potential $250 target, as bulls seized market control.
This breakout comes amid major on-chain movements by Pump.fun, which deposited another 86,254 SOL worth $16.22 million into Kraken. The platform has now transferred 3.93 million SOL, valued at $715.5 million, at $182 average price.
Pump.fun’s Strategic Moves Shake the Market
Pump.fun also sold 264,373 SOL for $41.64 million USDC at $158, signaling active treasury management. According to Pumpger, 2.08 billion PUMP tokens unlocked yesterday from community and ecosystem allocations, the first such event since TGE. This brings the unlocked total to 142.08 billion tokens, primed for distribution through community airdrops.
The timing of these deposits coincides with Solana’s technical breakout. From August 24 to August 27, SOL dropped 7.19% to 1,309, reflecting strong resistance. A consolidation phase followed, bringing a 13.09% recovery. By August 7, momentum shifted sharply, triggering a 23.95% surge to 2,395. The rally intensified by August 13, with a 25.37% leap to 2,537.
Source: Kamran Asghar
Cult Tokens and Renewed Market Sentiment
During 2024’s meme boom, Pump.fun produced notable cult memes like GIGACHAD, fueled by social media hype around Murad Mahmudov. Now, the platform aims to mint its own cult tokens, declaring “the age of belief is back.” Co-founder Alon Cohen recently teased this on X, suggesting cult tokens could lift PumpSwap DEX volumes and daily platform fees.
The market has responded with heightened volatility and increased trading activity. Solana now trades at $197.76, with sentiment leaning strongly bullish. The combination of token unlocks, major SOL deposits, and strong technical breakouts has positioned the asset for potential further gains.
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