Pump.fun Moves $7.81M Solana to Kraken, Fuels Bearish Sentiment

• Pump.fun moved $7.81 million worth of SOL to Kraken, totaling 54,113 SOL.
• Solana is trading at $143.18, experiencing an increase of 2.48 percent over 24 hours but a decline of 12.80 percent over 30 days.
• PumpSwap’s launch aims to boost Solana’s DEX ecosystem, but concerns persist over Pump.fun’s SOL transfers.

Memecoin launchpad Pump.fun has transferred a significant volume of Solana (SOL) to Kraken once again. According to Onchain Lens, 54,113 SOL, worth approximately $7.81 million, were moved to the exchange platform. The transaction comes as Pump.fun continues its pattern of dumping big SOL amounts this year, fueling market speculation.

The OnchainLen post revealed Pump.fun transferred 120,000 SOL worth $22.88 million to Kraken. Another 148,759 SOL worth $28.22 million were dumped last month. These frequent transactions are contributing to Solana’s selling pressure. In total, over 1.5 million SOL worth $293.26 million have been moved this year, raising concern among investors.

Pump.fun Launches PumpSwap Amid Selloff Concerns

Certain market participants are skeptical whether Pump.fun is liquidating its assets or moving them to different accounts. The recent transfer certainly intensifies arguments about contribution to Solana’s mild consolidations. Despite speculation, Pump.fun has started a decentralized exchange (DEX) called PumpSwap want to improve trading activities on Solana and reduce reliance on centralized exchanges like Kraken. 

While the PumpSwap seeks to enhance liquidity for investors dealing with meme coins. While this development appears positive, skepticism remains regarding Pump.fun’s ongoing large SOL transfers. Some investors regard the new platform as an attempt to manipulate attention away from the overselling that profoundly plagues the launchpad’s ethical scope.

Solana’s Price Stability Amid Market Uncertainty

Despite Pump.fun’s routine transactions, Solana’s price has remained relatively stable. After the February 13 transaction of 148,759 SOL, SOL dropped 1.2% before recovering. Analysts remain divided on whether the market will continue to consolidate or experience a breakout. Some, like VanEck, predict SOL could reach $520 if market conditions turn favorable.

Solana is now trading at $142.72, a 2.48% increase in a period of 24 hours. But the general trend is a decline of 12.80% over the period of the last 30 days, reflecting a mix of short-term optimism and longer-term caution. Crypto markets witness such contradictions very often, where limited recoveries are juxtaposed with general bearish trends.

Source: Tradingview

Technical indicators are signaling short-term bullish momentum. On the 4-hour chart, the 50-period moving average is sloping higher, reflecting buying interest. On the daily chart, though, SOL is trading near its 50-day moving average but beneath its 200-day moving average, reflecting an overall bearish trend. 

Solana’s price movement is following a descending channel with resistance at $145–$150 and support at $135–$138. A break above resistance can carry SOL to $155–$160, supported by favorable market drivers. The inability to hold support, however, can trigger more downside to the $130–$135 range, signaling greater selling pressure.

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