Pump.fun Moves $14.97M in SOL: Impact on Solana’s Price?

• Pump.fun’s SOL holdings rise, selling a portion as market balance shows high volatility.
• Portfolio growth noted, with major assets in SOL, USDC, and JITOSOL amid minor fluctuations.
• Solana shows a stable trading range with technical indicators hinting at a pause in momentum.

Pump.fun transferred 90,000 Solana (SOL), worth about $14.97 million, to Kraken. This sale increased pump.fun’s fee income account to over 1.092 million SOL, worth roughly $182.45 million, from transaction fees alone.

pump. fun 的手续费用收入账户继续出售 SOL：5 小时前将 9 万枚 SOL ($14.97M) 转进 Kraken。

pump. fun 到目前为止总共获得了 109.2 万 SOL ($182.45M) 的手续费收入。这其中有约 70.9 万枚 SOL ($111.93M) 以 $157.9 的均价陆续出售了。https://t.co/pHW99W4KXm

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November 2, 2024

Out of these holdings, 709,000 SOL (around $111.93 million) have already been sold at an average price of $157.9 per token. As of the data, pump.fun’s account holds a balance of $87.8 million.

Solana leads with a total value of $45.66 million, followed by USDC at $22.80 million and JITOSOL at $19.32 million. The account also holds smaller tokens, including CT, CWIF, and BOBUKI.

Financial Growth and Volatility Trends

The historical overview of the pump.fun account’s balance since early 2023 shows an upward growth trajectory, particularly during summer. By October, the portfolio had approached its peak value, close to the current balance, marking substantial gains throughout the year.

Source:
Arkham

However, there have been notable fluctuations in recent weeks, potentially reflecting market conditions or valuation shifts in assets like Solana.

Read also: Pump.fun Exploit: Ex-Employee Steals $1.9M in SOL Tokens

Solana’s Price Movement and Market Standing

Despite this transaction, as of press time, Solana (SOL) recorded a price decline of 0.16%, standing at $166.63. However, SOL ranks as the fifth-largest crypto asset, with a market capitalization of $78.46 billion.

SOL’s price chart confirms recent volatility, showing a sharp increase in the evening hours to an intraday high above $174, followed by a sharp correction back to lower levels.

Source:
CoinMarketCap

Although the price continued to shift between $166 and $168, the overall trend remained within a stable range. SOL displayed signs of consolidation after reaching a high close to $180 in late October, with recent trading activity suggesting a brief pause in upward momentum.

Moreover, the technical indicators provide further insight into Solana’s current market position. The MACD points to a positive trend, with the MACD line positioned above the signal line. 

Source:
TradingView

Additionally, the RSI stands at 63.15, indicating that while the asset remains strong, it has not yet reached overbought levels.

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