With the recent trend shift towards Solana (SOL), the cryptocurrency market remains as unpredictable as before. SOL traded at a new high on November 11, 2024, exceeding the crucial $220, after experiencing a 5 percent increase in its value.
This has attracted the attention of traders and investors because the latest price increase has been rather sharp, and block explorers show significant activity from the meme coin platform Pumpfun.
Whale Movements: Pumpfun’s Large-Scale Liquidation
Along the upward movement of SOL’s price, on-chain metrics showed a significant transaction from Pumpfun, an account popular in crypto circles. A few hours ago, Pumpfun sent 43,000 SOL to a Kraken deposit, with an approximate value of $9.46M. This comes against equally massive sales from the same account in the last few months. Pumpfun has sold 793,243 SOL, equal to about $132.5 million out of the entire revenue pool of 1,196,740 SOL ($263 million).
Impact on SOL’s Market and Sentiment
Large liquidations indicate that bearish sentiment may be imminent, and the price may be reduced. Nonetheless, SOL’s continued increase in price indicates that the market remains very active and has an increasing demand. Solana’s market capitalization is worth $103.48 billion, and its daily trading volume is $13 billion, showing continued trading engagement and commitment from customers and large investors.
A whale transferring SOL from one wallet to another while the price skyrocketed past $220 presents a mixed narrative of the market. Observers will keenly observe whether this upward movement can be sustained or whether sharp sell-offs like those from Pumpfun will occur again.
