The post Will Solana Drop to $200? Pump Fun Sells Off $23M of SOL appeared first on Coinpedia Fintech News

Solana (SOL), the world’s fourth-largest cryptocurrency by market cap is gaining significant attention from crypto enthusiasts amid ongoing price correction. Amid this, some investors appear to be accumulating, while others are dumping the tokens.

Report Revealed $23 Million Solana Sell-off

On November 26, 2024, a whale transactions tracker Lookonchain made a post on X (Previously Twitter) that the Solana-based meme coin generator, Pump Fun, had sold a significant 99,999 SOL worth $22.74 million.

Source: X (Previously Twitter)

The report stressed that this significant token sell-off occurred on the Kraken cryptocurrency exchange. So far, Pump Fun has earned a significant over 1.487 million SOL tokens worth $345 million from generating the meme coin, out of which it has sold 998,242 SOL worth $180.4 million at an average price of $180.70.

Based on the current market sentiment, this SOL offload is not excessive. However, during this phase of the market, it has the potential to influence investors and whales, creating selling pressure and driving further price declines.

Solana (SOL) Technical Analysis and Upcoming Level

According to expert technical analysis, SOL is currently at a strong support level of $230. However, due to significant selling pressure and the ongoing market correction, it appears to be struggling to maintain this level. Based on recent price action, if SOL fails to hold this support, there is a strong possibility it could drop by 12%, reaching the $200 level in the coming days.