- Pump.fun deposited 65,000 Solana tokens worth $15.23 million to exchanges.
- SOL has declined over the past seven days by 8.23%.
As an analyst with years of experience in the crypto market, I have seen my fair share of whales and price movements. The recent deposit of 65,000 Solana tokens by Pump.fun into exchanges is certainly noteworthy, especially considering its impact on the overall market sentiment.
As a crypto investor, I’ve noticed that Solana [SOL] has seen a drop in value over the past few days. However, it’s intriguing to see that Pump.fun has been quite active, as they’ve recently made a substantial deposit into various exchanges. According to Lookonchain, they’ve transferred an impressive 65,000 SOL tokens, equivalent to approximately $15.23 million, to Kraken. This move could potentially impact the market dynamics of Solana and might be worth keeping an eye on.
Through its recent transactions, Pump.fun transferred 798.869 Solana tokens valued at approximately $154 million to Kraken. Additionally, they sold 264.373 SOL for around 41.64 million USDC. It’s important to mention that since the launch of Pump.fun, their total earnings have amounted to 1,526,937 SOL, which is equivalent to approximately $362 million.
As a researcher examining market dynamics, I’m investigating whether significant sales by entities like Pump.fun have an impact on prices. In other words, I’m trying to discern if such transactions left their mark on the market.
Impact on price charts
Just as anticipated, Solana has undergone a market adjustment in the last 24 hours. Consequently, its value has dipped slightly from a peak of $245 to $243, as reported currently.
This represented a drop of 0.82% over daily graphs, and a more significant decrease of 8.28% in the context of weekly graphs. It’s important to note that prior to this, Solana (SOL) had been experiencing a steady increase, rising by approximately 33.72% on a monthly basis.
Given the surge in selling by significant investors and the existing market situation, it’s worth considering if Solana might experience further price drops.
Based on AMBCrypto’s examination, there seems to be a change in investor feelings towards Solana. After reaching a fresh all-time high of $264, the cryptocurrency has dropped and touched a low of $221.
Lately, the market trend indicates that sellers hold more control, with a gradual increase in the pace of falling prices.
As an analyst, I noticed a interesting pattern in the market: While the Relative Strength Index (RSI) was on a downtrend, its Moving Average (MA) experienced a surge. This indicates a shift in the market dynamics, as a declining RSI typically signals that sellers are gaining more influence than buyers, with selling pressure outweighing buying pressure at this moment.
In the last four days, it appears that sellers have taken control due to a bearish cross-over of Moving Averages, indicating that the initial energy and drive by buyers seems to be waning.
The decline in progress is additionally supported by the fact that the Relative Vigor Index (RVGI) recently crossed over into a bearish pattern three days ago.
Upon closer examination, it appears that short position holders are leading the market, with a collective share of about 52%. This indicates that the majority of investors are pessimistic and wagering on falling prices.
Over the last seven days, I’ve observed a significant drop in Solana’s Open Interest (OI) per exchange, from approximately $2 billion to $1.5 billion. This decrease in Open Interest indicates that investors might be exiting their positions, and it seems the market is not attracting new participants at the moment.
Read Solana’s [SOL] Price Prediction 2024–2025
To sum up, although the Pump.fun promotion might have influenced price trends, there’s an upward trend in pessimism within the Solana market. If this gloomy outlook prevails, it’s possible that Solana’s price may drop on its charts.
If the price falls, there’s a possibility that SOL might dip down to around $220. Conversely, if the bulls regain strength, they may push SOL back above the $260 resistance level.
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2024-11-30 01:11