The Solana-based meme coin minting platform Pump.fun has moved another 122,620 $SOL tokens this week to the crypto exchange Kraken. These holdings were worth $21.75 million at the time that the transaction was settled.
According to data from the crypto analytics firm Lookonchain, the protocol has already transferred a total of 1.79 million $SOL valued at nearly $360 million. This represents almost 80% of the total $SOL they have earned in fees throughout the project’s lifetime.
Of that total, they have converted 264,373 $SOL into 41.64M $USDC. Whenever crypto investors or protocols transfer their assets to centralized exchanges (CEXs) like Kraken they are often looking for places where there is enough liquidity to turn their crypto into fiat currencies or stablecoins.
Analysts tend to interpret these moves as bearish for the asset that is being transferred – in this case, $SOL – as it means that the holder believes its value will decline in the near future and is fleeing to safe-haven assets to hedge their exposure.
Pump.fun’s popularity was catapulted last year as developers and crypto enthusiasts found a way to easily mint and promote meme coins. However, recent studies have shown that approximately 99.6% of all investors who invested in these digital assets failed to generate profits exceeding $10,000.
The meme coin hype has also been partially responsible for the success of the Solana blockchain, as it has become the go-to network for these kinds of projects.
If Pump.fun is witnessing a decline in the number of tokens minted or lesser interest from investors to pour money into the assets minted through its protocol, they could be anticipating a drop in the value of the native token of the Solana network.
Solana ($SOL) Holds Its Ground but Maintains Erratic Pace
The $175 support level for Solana held pretty well yesterday during what has been one of the sharpest declines of the past 30 days. However, the token is still trading below its 20-day simple moving average (SMA).
The Relative Strength Index (RSI) has stood below the 50 mark for a few days now, which is typically a bearish indicator. However, in the absence of clear buy or sell signals, traders would be better off waiting on the sidelines until the market resolves which way it will go in the following weeks or months.
Also read: Best Solana ICOs of 2025
The most relevant resistance area to overcome would be the $200 level and $220 after that if buyers manage to produce enough positive momentum. Meanwhile, the $175 area continues to be the most critical threshold for $SOL in the short term, as a drop below this marker could prompt a major correction.
The Presale of This L2 Solana Scaling Solution is Not Having Any Trouble Finding Investors
Pump.fun’s motives to sell that many Solana ($SOL) tokens are unclear, but investors don’t seem to be too worried about the future of this network as they have poured millions of dollars into the presale event of Solaxy ($SOLX).
This layer-two Solana scaling protocol aims to ensure that Solana-based applications and meme coins can keep growing without worrying that their transaction volumes will congest the mainnet.
Solaxy has developed a mechanism that consists of bundling transactions offline to alleviate the network’s congestion. The Solana mainnet experienced a decline in its success rates multiple times in 2024 and this is what Solaxy aims to prevent.
Thus far, the presale has attracted $10.26 million from early supporters. Each $SOLX token is currently offered at $0.0016 per token, but the price is increased every 48 hours or so to give the first to arrive the highest chance to profit from their investment once the asset is listed in decentralized exchanges (DEXs).
Staking rewards for $SOLX holders are also quite attractive at 340% annually. These rewards will be progressively distributed after the claim date and the majority of investors have already opted to stake their assets. This is a good sign of their commitment to the long-term success of Solaxy.
Solana needs Solaxy and you can be part of this new stage of this blockchain’s growth by buying $SOLX. Head to the Solaxy presale website now and connect your wallet to swap ETH or USDT. You can also use a bank card if you don’t own any crypto.
