- Pumpfun deposits 105,233 SOL worth $15.86M to Kraken, pushing the total to 3.2M SOL.
- Solana breaks past $150 with RSI at 61.59 and MFI at 58.06, signaling more upside.
- Bloomberg pegs Solana ETF approval odds at 90%, fueling a rally toward $250.
Pumpfun has transferred 105,233 Solana (SOL) tokens to Kraken, valued at approximately $15.86 million. This latest on-chain activity comes as Solana’s price maintains momentum above the $150 resistance level. The development coincides with heightened optimism surrounding the potential approval of a spot SOL exchange-traded fund, with Bloomberg estimating a 90 percent probability.
Pumpfun’s SOL Transfers Intensify as Accumulation Activity Rises
Blockchain analytics from Lookonchain show that Pumpfun has now deposited a total of 3,202,498 SOL on Kraken. The total value of these deposits stands at around $591 million based on an average price of $185 per token. The most recent deposit adds to a pattern of regular transfers initiated by the project in recent months.
In a related move, Pumpfun also sold 264,373 SOL for approximately $41.64 million in USDC, executing the trade at an average of $158 per coin. Furthermore, three newly created wallets withdrew a combined 145,000 SOL tokens from Kraken within the past hour. The timing and structure of these wallet activities indicate possible coordinated positioning or accumulation during a period of increased market interest.
Technical Indicators Show Strength as SOL Targets Higher Resistance Levels
The Solana price finally escaped the falling wedge pattern that developed between January and March. The price increased from below $100 to above $150 after the breakout to demonstrate a bullish reversal. The bull flag pattern appears on the chart right now and commonly signals upcoming upward price movement.
The price consistently achieves new highs and lows above previous levels which strengthens the bullish trend. Technical indicators also support this trajectory. The daily Relative Strength Index currently stands at 61.59, suggesting that the asset still has room to grow before becoming overbought. The Money Flow Index is at 58.06, reflecting more capital entering Solana’s market than leaving.
Volume data from DeFiLlama reports steady spot trading between $4 billion and $6 billion per day. Despite recent corrections, this consistency in volume reflects stable trader participation and investor interest.
ETF Optimism and Resistance Zones Shape Price Outlook
Bloomberg analyst Eric Balchunas raised the approval likelihood of a Solana ETF to 90%, boosting sentiment across the market. The ongoing optimism has significantly influenced both spot and derivatives trading. Perpetual futures volume for Solana has remained elevated throughout March and April.
Crypto analyst Gerlaenco commented that Solana has rebounded more than 50% from its recent low. He identified the next resistance zone between $170 and $185, where the price was previously rejected. If Solana successfully turns this zone into support, a path toward $200 or higher could become more plausible.
With technical patterns aligning and ETF approval optimism surging, Solana’s price now eyes the $250 mark as bullish momentum continues.
