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Solana started a 10% price reversal less than an hour after Pump.fun completed the second transaction of a $55 million Solana transfer to Kraken exchange.
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Solana’s price jumped more than 10% following a $55 million transfer from Pump.fun’s fee account to the Kraken cryptocurrency exchange.
Solana (SOL) saw a more than 10% intraday rally after staging a significant recovery from a dip to $189 reached at 5:00 pm UTC on Jan. 1.
Solana’s price began to rise around 6:00 pm UTC on Jan. 1, nearly an hour after the fee account associated with the memecoin launch platform Pump.fun transferred $55 million worth of SOL to the Kraken cryptocurrency exchange.
SOL/USD, 1-hour chart. Source: Cointelegraph/TradingView
Pump.fun made two deposits to Kraken exchange on Jan. 1. The first transferred $22.8 million worth of SOL at 4:37 pm in UTC, while the second transfer worth $32.7 million occurred at 5:45 pm, Solscan data shows.
Pump.fun fee account transfers. Source: Solscan
The memecoin launch platform has contributed significant sell pressure to Solana during 2024. Pump.fun has deposited over $303 million worth of SOL to Kraken and sold more than $41 million worth of SOL tokens to date, Lookonchain data shows.
Related: 3 crypto predictions going into 2025: SOL ETFs, AI trading, new threats
SOL price to $400 in 2025 on Solana ETF approval?
SOL may be on track to hit $400 based on historical chart patterns and growing anticipation for the first United States spot Solana exchange-traded fund (ETF).
Increasingly more investors are betting on the approval of a spot Solana ETF before the end of 2025.
Chances of a US Solana ETF. Source: Polymarket
The likelihood of a US spot Solana ETF stood at 76% on the leading decentralized predictions market, Polymarket data shows.
“Since it is still very uncertain, an ETF approval in the US would have a positive price impact on Solana since the probability is low and therefore not yet priced in,” Alejo Pinto, former IBM blockchain growth lead and founder of Solana layer-2 network Lumio, told Cointelegraph.
Related: Crypto whale up $11.5M on AI token position in 19 days
Companies vying for a spot Solana ETF include asset management giants VanEck, Grayscale, 21Shares, Bitwise and Canary Capital.
The deadline for Grayscale’s Solana ETF application is Jan. 23, while the four other applicants expect a preliminary decision by Jan. 25, 45 days after the US Securities and Exchange Commission formally accepted the ETF application for review in November.
Brazil’s first Solana ETF was approved on Aug. 7, setting a precedent for other global jurisdictions.
Solana climbed back above $230 on Dec. 11, fueled by growing trader anticipation for a SOL ETF, andBitwise setting a $750 price target for Solana.
Solana: Expectation Versus Reality. Source: YouTube
Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?
This article first appeared at Cointelegraph.com News
