Major

Solana

Bitcoin

Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/pump-fun-executes-major-sol-sales-pressuring-solanas-price/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Pump Fun Executes Major SOL Sales Pressuring Solana’s Price</a> 
Pump Fun seized the opportunity as Solana approached its all-time high, executing substantial sales. According to data shared by Lookonchain, the platform transferred 105,000 SOL to the Kraken exchange in the past 24 hours. This transfer has created downward pressure on Solana.
<h2 style="text-align: justify" id="strong-pump-fun-s-massive-sol-sales-strong">Pump Fun’s Massive SOL Sales</h2>
Data from Lookonchain indicates that the value of the 105,000 SOL transfer is approximately $25.14 million. These sales continue the trend of regular transfers carried out by the platform. It is suggested that this move is aimed at profit realization by Pump Fun. Additionally, it is noted that this step could negatively impact Solana’s price rally.
Earlier this month, Pump Fun executed a similar move by selling 43,000 SOL. To date, the platform’s total fee revenues have reached 1,307,966 SOL (around $315 million), of which 898,243 SOL, or about $157 million, was sold by the platform. Some users in the community view these sales as a natural profit mechanism, while others express concerns about their adverse effects on the market.
<h2 style="text-align: justify" id="strong-solana-s-price-and-journey-to-ath-target-strong">Solana’s Price and Journey to ATH Target</h2>
Solana stands out with its impressive performance in the current bull market. The platform recently surpassed <a href="https://en.coin-turk.com/binance-coin-finds-support-at-key-level/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/soaring-altcoins-in-the-cryptocurrency-market-following-bitcoins-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> Coin (<a href="https://en.coin-turk.com/bnb-coin-breaks-all-time-high-reaching-716/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB</a>), approaching the $300 level. However, the large-scale sales by Pump Fun could hinder Solana’s rally potential. A strong market support is needed for the cryptocurrency to reach its all-time high target.
Experts note that Solana maintains investor interest due to its robust infrastructure and retail-focused approach. Some analyses suggest that SOL could rise to $1,000 during this rally. Bitcoin trading above the $90,000 level provides significant support for Solana in this bull market.
Pump Fun’s sales trend could shift market dynamics. Large-scale sales will likely increase volatility in Solana’s price. This situation creates both opportunities and risks, with investors closely monitoring how these sales will affect Solana’s future price movements.
In conclusion, the sales executed by Pump Fun exert distinctive pressure on Solana. However, these moves may also present an opportunity to test Solana’s market strength.
The post <a href="https://en.coin-turk.com/pump-fun-executes-major-sol-sales-pressuring-solanas-price/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Pump Fun Executes Major SOL Sales Pressuring Solana’s Price</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Pump Fun Executes Major SOL Sales Pressuring Solana’s Price

Table of Contents

COINTURK NEWS

Other articles published on Nov 19, 2024

Metaverse Tokens: Hype or the Next Big Thing?

JPMorgan Reveals Bitcoin Mining Profitability Soars in November

Can Treasury-linked stablecoins bring stability to DeFi?

Metaplanet Acquires Additional 124 BTC as Stock Prices Skyrocket

All-Time Highs Ahead: ChatGPT Names the Altcoins Ready To Shine Before 2025!

Coinbase CEO Brian Armstrong to Meet President-Elect Trump Over Possible Crypto Regulation

Join our free newsletter for daily crypto updates!