Lookonchain Reports Pump.fun Sold 65,284 SOL for $8.22 Million
Blockchain analysis firm Lookonchain has raised concerns about large transactions involving SOL. A platform called pump.fun reportedly sold 65,284 SOL, valued at $8.22 million. This transaction occurred through the exchange Kraken, where the amount was deposited and then withdrawn by newly created wallets to be sold for USDC.
Key points:
- The same pattern was observed on March 25 with 104,120 SOL ($14.97 million) also deposited to Kraken.
- Such movements may indicate significant offloading, potentially impacting the SOL price negatively.
- Currently, SOL trades at $127.49, up 2.5% in 24 hours, with a trading volume increase of 36% to $3.12 billion.
- Resistance is noted at $132.51; a breakout may lead to further gains.
- Solana generated $6.76 million in fees last week, second only to Tron.
- Real Economic Value (REV) for Solana rose 54% to $18.5 million, contrasting with BNB Chain's decline.
- Two Solana futures ETFs launched on March 20 saw lukewarm initial interest, recording only $1 million in volume.
Investors should monitor these developments closely as they could influence market dynamics and SOL's performance.