- Solana (SOL) rebounded strongly, climbing 9.21% in 24 hours to $207.38, with a market cap of $99.43 billion.
- Pump.fun deposited 292,437 SOL ($55.5M) into Kraken, marking a key on-chain movement.
- Solana’s breakout from a Descending Broadening Wedge hints at potential gains toward the $300 mark.
Solana (SOL) is demonstrating strong positive momentum, with its price surging and surpassing a crucial resistance level. The broader cryptocurrency market is currently riding a bullish wave, fueled by Bitcoin’s recent rally. This upward trend has ignited significant gains across altcoins, helping them recover from previous losses. Solana is now positioned for a substantial upside move, setting the stage for its next major leg up.
SOL recently hit a low of $175 before rebounding as market sentiment shifted from bearish to bullish. This recovery has been supported by increased investor confidence and favorable technical indicators.
At the time of writing, Solana is trading at $207.38, marking a 9.21% increase in the past 24 hours. Its 24-hour trading volume stands at $14.14 billion, while its market capitalization has reached $99.43 billion, giving it a market dominance of 2.88%.
Pump.fun’s $55.5M SOL Deposit Signals Major Move
On-chain data from Lookonchain reveals significant activity from Pump.fun, a prominent player in the market. Pump.fun deposited 292,437 SOL, valued at $55.5 million, to Kraken after a 23-day gap.
To date, Pump.fun has deposited a total of 1,500,893 SOL, worth $303 million, into Kraken and has sold 264,373 SOL for $41.64 million in USDC. The platform has accumulated a total of 2,016,391 SOL, valued at $398 million.
Solana Breaks Key Resistance, Targets $300
From a technical perspective, Solana recently broke out of a Descending Broadening Wedge pattern after clearing a key blue horizontal resistance area and trendline. This breakout indicates potential consolidation towards the $300 price level, provided market conditions remain favorable.
The bullish sentiment around Solana continues to strengthen, and technical indicators suggest the asset could see further gains in the coming days. Investors are closely watching key support and resistance levels as SOL prepares for its next big move.
