Solana price rebounds above $200 following Pump.fun’s $55M SOL sale
Solana's price increased over 10% following a $55 million transfer from Pump.fun to the Kraken exchange. The price rally began after a dip to around $189 at 5:00 pm UTC on January 1. Pump.fun made two deposits to Kraken on the same day, totaling $55 million, contributing to significant sell pressure on Solana throughout 2024. The platform has deposited over $303 million worth of SOL and sold over $41 million worth of tokens. Anticipation for a spot Solana ETF in the U.S. is growing, with a 76% likelihood of approval according to Polymarket data. Major asset management firms are competing for ETF approval, with deadlines for applications approaching. Brazil approved its first Solana ETF on August 7, setting a precedent. Solana's price was also influenced by trader expectations and price targets set by firms like Bitwise.
