Solana: Will Pump.Fun’s $26.6M move help SOL rebound?
- Pump.Fun has made a significant deposit of $140,285 SOL worth approximately $26.6M into Kraken.
- Solana has been under downward pressure recently, trading around $187.87, reflecting a 1.44% decline on the 1-hour chart.
In the world of cryptocurrency, big transactions can often influence market dynamics. In a recent activity, Pump.Fun has made substantial moves within the Solana [SOL] ecosystem.
Pump.Fun has made a significant deposit of 140,285 SOL, worth approximately $26.6M, into Kraken.
This is part of a larger strategy in 2025, where they have already moved $1,021,162 SOL, valued at $208.32M. The total earnings from Solana transactions now stand at an impressive 2,724,719 SOL, amounting to $525.81M.
Transactions of this magnitude often influence the market. Large-scale movements like these can stir market sentiment, potentially leading to price fluctuations or shifts in market direction.
Given Pump.Fun’s history and impact, such transfers could be setting the stage for Solana’s next significant move.
Is a rebound imminent?
Solana has been under downward pressure recently. At press time, SOL was trading around $187.87, reflecting a 1.44% decline on the 1-hour chart.
Source: Coinglass
Despite that, the RSI stood at 32.01, nearing oversold territory. Generally, an RSI below 30 signals that the asset is oversold and could be due for a price correction or rebound.
The RSI indicates that Solana might be ripe for a short-term recovery, especially if buying pressure picks up.
Alternatively, at the time of writing, the MACD histogram sat at -1.97, signaling ongoing bearish momentum.
However, the MACD line shows signs of converging toward the signal line. This convergence could result in a crossover, a common precursor to a trend shift from bearish to bullish.
The recent decrease in histogram bars further suggests that bearish pressure is weakening, making a potential trend reversal more likely.
Are traders betting on a turnaround?
The Open Interest for Solana has fluctuated within the last 24 hours. Initially peaking at $28.021M, it currently stands at $27.915M.
However, the slight stabilization towards the end of the period indicates that some traders might be positioning themselves for a possible price movement, either up or down.
This level of open interest could suggest that a rebound or a stabilization phase is on the horizon, as traders appear to be waiting for clearer price signals.
The Market’s cautious stance on Solana
The Long/Short Ratio for Solana shows balanced market sentiment, with buy and sell volumes around 0.9 to 1.0. The slightly bearish sentiment is reflected in the trend, as sell orders have outpaced buy orders, aligning with the recent price decline.
This suggests that while bearish sentiment prevails, there is not a strong conviction among traders to push prices significantly lower.
SOURCE: COINGLASS
However, the Binance SOL/USDT ratio indicates that short positions have slightly outweighed long positions in the last 24 hours. This confirms a cautious sentiment overall.
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The fluctuating but generally bearish trend suggests market participants are hedging against potential declines. However, no overwhelming majority supports the idea of a dramatic crash.
Therefore, Solana is under some downward pressure, as indicated by bearish indicators.