After $55 million was transferred from Pump.fun’s commission account to the Kraken cryptocurrency exchange, Solana’s price rose about 10% to over $200.
Solana (SOL) fell to $189 at 5:00 PM UTC on January 1 before recovering.
The price began to rise around 6pm UTC after a commission account associated with Memecoin launch platform Pump.fun transferred $55 million worth of SOL to the Kraken exchange.
SOL/USD, 1-hour chart. Source: Cointelegraph/TradingView
Pump.fun made two deposits to Kraken on January 1st. The first deposit transferred $22.8 million worth of SOL at 4:37 PM UTC, followed by a second transfer worth $32.7 million at 5:45 PM, according to Solscan data.
Pump.fun Fee Account Transfer. Source: SolScan
The memecoin launch platform put significant selling pressure on Solana in 2024. According to Lookonchain data, Pump.fun has deposited more than $303 million in SOL tokens with Kraken to date and has sold more than $41 million in SOL tokens to date.
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Will Solana ETF approval push SOL price to $400 in 2025?
SOL is expected to hit $400 based on historical chart patterns and growing expectations for America’s first cash Solana exchange-traded fund (ETF).
A growing number of investors are betting on approval of the spot Solana ETF before the end of 2025.
Possibility of Solana ETF in the US. Source: Polymarket
According to data from Polymarket, the probability of a U.S. spot Solana ETF appearing was 76% across major decentralized prediction markets.
Alejo Pinto, former IBM blockchain growth leader and founder of Solana Layer-2, said: “ETF approval in the US is unlikely as it is still very uncertain and has a positive impact on Solana’s price as it has not yet been priced. “It will drive you crazy.” network Lumio told Cointelegraph.
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Companies competing for the spot Solana ETF include asset management giants VanEck, Grayscale, 21Shares, Bitwise and Canary Capital.
The deadline for Grayscale’s Solana ETF application is Jan. 23, and the four other applicants have until Jan. 25 to make a preliminary decision, 45 days after the U.S. Securities and Exchange Commission formally accepted their ETF application for review in November. We expect it to be.
Brazil’s first Solana ETF was approved on August 7, setting a precedent for other global jurisdictions.
Solana rose back above $230 on December 11 as trader expectations for the SOL ETF grew and Bitwise set a target price for Solana at $750.
Solana: Expectations versus reality. Source: YouTube
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