Will Solana Drop to $200? Pump Fun Sells Off $23M of SOL
Solana (SOL) is the world’s fourth-largest cryptocurrency by market capitalization, and it has received significant attention from cryptocurrency enthusiasts amid ongoing price corrections. In this case, some investors appear to be accumulating tokens while others are selling them.
Report shows Solana sold for $23 million
November 26, 2024 Whale Trading Tracker Guan Lian Posting on X (formerly Twitter), Solana-based meme coin generator Pump Fun has sold 99,999 SOL, worth $22.74 million.
The report highlights that this major token sell-off occurred on the Kraken cryptocurrency exchange. To date, Pump Fun has earned more than 1.487 million SOL tokens worth $345 million by generating Meme coins, of which 998,242 SOL worth $180.4 million has been sold at an average price of $180.70.
Based on current market sentiment, this SOL reduction is not excessive. However, at this stage of the market, it has the potential to influence investors and whales, creating selling pressure and driving prices lower.
Solana (SOL) Technical Analysis and Upcoming Levels
According to expert technical analysis, SOL is currently sitting at a strong support level of $230. However, it appears to be struggling to sustain this level amid heavy selling pressure and an ongoing market correction. Based on recent price action, if SOL fails to hold this support, it is likely to drop 12% and reach the $200 level in the next few days.
On the positive side, the asset is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating that SOL is in an uptrend.
Meanwhile, its relative strength index (RSI) is below 70 and currently stands at 57.30, indicating that an upward rebound is likely in the coming days. RSI is a technical indicator commonly used by traders and investors when establishing positions.
Current Price Momentum
Currently, SOL is trading close to $230, with the price down by more than 3.55% in the past 24 hours. Its trading volume surged 24% during the same period, indicating increased participation from traders and investors amid continued price corrections.
