The price of Solana rose by 8% in the last 24 hours, mainly driven by PumpFun’s $316 million deposit for Kraken.
This large transaction has significantly affected the liquidity of the market, and analysts predict that Solana could soon see a price increase of 70-110%.
PumpFun’s Strategic SOL moves to the Kraken
The recent deposits of Solana (SOL) on Kraken, the world’s leading exchange in the industry, have caused significant waves in the cryptocurrency market.
PumpFun invested 63,171 SOL, worth about $13.11 million, on Kraken in the past few days. This significant transaction demonstrates the platform’s major role in the Solana ecosystem.
Now, PumpFun has deposited a total of 1,564,064 SOL, or approximately $316.5 million, and has sold 264,373 SOL for a total of $41.64 million in USDC.
Solana’s liquidity is growing, and while this liquidity is consistent between wallets and exchanges, it is also an indication of its integration into broader market trends.
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These transmissions have attracted the attention of many market participants because they may indicate future price volatility.
Large amounts of SOL deposited into exchanges such as Kraken can have unwanted effects on liquidity, price pressure and market sentiment, particularly in high-frequency trading environments.
PumpFun’s deposits and sales also suggest that PumpFun is capitalizing on current market conditions.
PumpFun could probably use the token movement to make a profit or as a preparation for a future movement.
Solana price poised for growth: Analysts predict gains of 70% – 110%
Solana’s price is starting to look bullish and there is a heightened sense of optimism about how the coin will perform.
According to analyst Javon Marks after retesting, Solana is looking at a potential breakout. Targets are between $360 and $457.97, and Marks expects prices to rise by 70% to 110%.
These are predictions based on recent Solana prices and market support, which suggest that the blockchain has a solid base after the dips.
Over the past few years, Solana has perhaps been one of the most prominent performers in the cryptocurrency market, and the technical data for the coin paints a good picture.
Retesting after the recent correction suggests that Solana could hold on and begin a new phase of its bull run.
If Solana can hold the support levels, it could open up a continuation higher in price to this high target range.
Last but not least, the Solana ecosystem is also growing, with more decentralized applications (dApps) and decentralized finance (DeFi) platforms built on its blockchain.
This may help keep the price of Solana’s SOL tokens high as demand for the tokens continues to grow.
Whether these price levels will be seen in Solana will primarily depend on what the market conditions will be, what the adoption rate will be, and overall, what the sentiment will be regarding the crypto space.
Solana’s volume and increase in open interest: strong market momentum
The salt pan has seen some rapid changes in volume over the past few months, with price spikes correlating with higher volume.
Between them all, SOL saw a significant increase in August, with growing trading volume showing signs of growing market participation.
Despite such a shortfall, the Solana price has remained fairly strong within the $180-$240 range, showing that there is still strong demand among investors and traders.
Such an increase in volume suggests that Solana is building a solid price floor, which, needless to say, will result in increased market activity.
Open interest in Solana futures rose 11.16% over the past month to $5.24 billion. These figures show that institutional and small investors are becoming more and more active in the market.
With an option range of 288.74% to $1.4 million, combined with increasing market participation, traders are beginning to believe that Solana’s future is optimistic.
Also, open interest on options rose 60.55% to $2.21 million, consistent with additional market coverage.
Is this the beginning of a new bullish trend for the price of Solana?
In the last 24 hours, Solana is up 8.72% and is trading at $206.19 after fluctuating between a low of $189.62 and a high of $209.07.
Solana’s price is also pointing to support around the $200 area, which previously served as a key support area over the past few days.
The recent price increase indicates that Solana is preparing to break through its $210 resistance level as more bullish momentum enters the market.
Still, despite this price rally, Solana is trading about 21.55% below its all-time high of $263.83, set in November 2024.
