Will Solana Drop to $200? Pump Fun Sells Off $23M of SOL

Solana (SOL), the world’s fourth largest cryptocurrency by market cap, is receiving important consideration from crypto lovers amid ongoing value corrections. Amid this, some traders look like accumulating whereas others are dumping the tokens.

Report Revealed $23 Million Solana Sale

On November 26, 2024, a tracker of whale transactions Look at chain posted on X (previously Twitter) that Solana-based meme coin generator Pump Enjoyable had bought a big 99,999 SOL value $22.74 million.

The report highlighted that this important token sell-off occurred on the cryptocurrency change Kraken. To this point, Pump Enjoyable has earned over 1.487 million SOL tokens value $345 million from producing the meme coin, of which it has bought 998,242 SOL value $180.4 million at a mean value of $180.70.

Primarily based on present market sentiment, this SOL offload just isn’t extreme. Nevertheless, throughout this stage of the promote it has the potential to affect traders and whales, creating promoting stress and inflicting additional value declines.

Solana (SOL) Technical evaluation and upcoming stage

In response to professional technical evaluation, SOL is at present at a robust assist stage at USD 230. Nevertheless, as a consequence of important promoting stress and the continued market correction, it seems to be tough to keep up this stage. Primarily based on the current value motion, if SOL fails to carry this assist, there’s a excessive likelihood that the value will fall 12% to achieve the $200 stage within the coming days.

On the upside, the asset is buying and selling above the 200 Exponential Shifting Common (EMA) on a day by day timeframe, indicating that SOL is an uptrend.

In the meantime, the Relative Power Index (RSI) is under 70 and at present stands at 57.30, indicating a possible upward rally within the coming days. The RSI is a technical indicator that’s usually utilized by merchants and traders when constructing positions.

Present value momentum

At present buying and selling round $230, SOL has skilled a value drop of over 3.55% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 24%, indicating higher participation from merchants and traders amid the continued value correction.