Pump.fun’s Deposit of Nearly $155M Worth of SOL Suggests Major Players Are Positioning Themselves for Future Solana Price Gains

Recent data from Lookonchain shows big SOL movements by major players, including Pump.fun and whales.

Major crypto movements, such as Pump.fun’s large SOL deposit and significant withdrawals, often indicate institutional activity or🐋 whale accumulation.

These actions can influence a token’s price, especially when substantial sums are involved.

Pump.fun, a renowned crypto exchange, is known to move large volumes of crypto assets.

Its recent activity suggests a strategy of accumulating SOL tokens and then selling a portion to optimize price and market influence.

Two wallets, likely belonging to the same whale, withdrew a total of 250,109 SOL from Kraken.

This large-scale accumulation could indicate a bullish outlook for Solana and might help stabilize prices or even contribute to a rally.

Whales may be accumulating SOL tokens in anticipation of future price gains, a common strategy among crypto whales.

By accumulating large quantities of a token, they can impact its liquidity and price movements, potentially driving up the token’s value.

This aligns with the strength of Solana’s ecosystem and the token’s appeal as a valuable asset.

However, it's important to note that massive deposits can lead to regional price spikes and short-term volatility.

Despite this, Solana’s status as a highly sought-after asset remains largely undeterred.

Solana Floor reports that the Solana network has achieved a true transactions per second (TPS) rate of over 1,300 tx/sec.

This metric excludes consensus-related and non-user-initiated activities, providing a precise measure of operational efficiency.

Solana's high TPS is crucial for large-scale real-time applications, such as decentralized exchanges, NFT marketplaces, and gaming platforms.

By offering unmatched speed and efficiency, Solana is positioning itself as the preferred network for demanding decentralized use cases.

This development is a testament to Solana's commitment to scalability and its ability to cater to the ever-growing needs of decentralized applications (dApps) and their users.

Solana crypto is designed to handle a vast volume of transactions while maintaining decentralization, making it an ideal choice for protocols, marketplaces, and other high-throughput applications.

The 4-hour chart of Solana price shows a critical consolidation zone between $238.20 and $239.12, which serves as a key support level.

Currently, the price is moving upwards with a bullish bias and showing a clear tendency to reach resistance levels at $242.10.

The price is positioned above the key moving averages, and the Alligator indicator suggests that one can anticipate a bullish continuation on some alignment.

If the price manages to gain 17.56%, it will encounter the next resistance level at $280, presenting an upside target.

Considering the higher level, there is a significant obstacle for the bulls, and movement beyond this point will also indicate a confirmation of a strong bullish trend.

The MACD indicator is showing signs of recovery, including the histogram changing from red to green and the signal line converging on the zero line, indicating purchasing pressure.

Solana price is showing overbought conditions, but the stochastic RSI at 81.16 indicates that the coin is about to enter the overbought territory, suggesting a short-term pullback.