Pumpfun Has Sent Over 3M SOL to Kraken — Will Solana React with a Retest to $70?

Key Insights:

• Pumpfun transferred 117,913 SOL worth $18.26M to Kraken in the last 18 hours alone
• Solana’s price dropped 3.46% to $148.68 following massive transfers to exchanges
• Analysts suggest SOL may retest $70 support before a possible move toward $500

The transfer of over 3 million SOL, or around $575 million, to Kraken has caused more selling pressure. Analysts speculate whether Solana’s price will retest the $70 level before rebounding as the cryptocurrency falls by over 3%.

Massive Solana Transfers and Price Reaction

In the last 18 hours, Pumpfun sent 117,913 SOL ($18.26 million) to Kraken. CryptoPatel claims that this is a part of a bigger movement where Pumpfun has transferred over 3 million SOL to Kraken. These transfers are valued at some $575 million in total. Also, 264,000 SOL were sold, generating around $41.6 million.

The data illustrates a number of SOL transfers from one address to Kraken, with each transfer being between 2,838 SOL and 52,594 SOL. The range of these transactions’ values is $435,477 to $8.19 million. Such large movements are often accompanied by constant selling pressure, which causes the price to drop as it creates a sudden supply increase.

According to CoinMarketCap’s, Solana’s price has dropped after these deposits. SOL was trading at a high of $154.03 but has fallen to $148.68. It is a 3.46% decrease in one day. Moreover, Solana’s market capitalization also shrank by 3.46% to $76.93 billion. The trading volume declined by 5.55% to approximately $3.74 billion.

This could indicate that traders are responding to the tokens flowing onto exchanges and expecting more sell-offs. Prices tend to move lower when there is increased sell pressure, and that seems to be the case here.

Deployment Activity and Network Growth

The short-term price drop is not affecting the activity on the Solana network. According to Dune Analytics, pump.fun deploy transactions have been increasing since early 2024. Now, total deployments have crossed 8 million. While daily transactions have fallen recently, the long-term trend is still clear.

Moreover, Glassnode data also shows that the number of active sending addresses on the Solana network has increased since early 2024. In the bear market of 2022 and 2023, sending addresses were low and stable. But in 2024 and 2025, the number of sending addresses exceeded 8 million, indicating that the network is being used even with price volatility.

Will Solana Fall to $70 or Rally Toward $500?

Conversely, the technical picture is a little bit broader, and there are key levels that traders are watching. CryptoPatel shared a chart that shows major resistance around $210 and support at around $84.24. Solana also broke down from an ascending channel and is now retesting lower support levels.

CryptoPatel said: “Has the $SOL downtrend ended or will it retest $70 (0.5 FIB) before blasting toward a new ATH at $500?” The 0.5 level on the chart is near $72.5, which is what he’s referring to as the Fibonacci retracement levels.

At the moment, Solana is trading above major support zones but below the previous resistance. If large holders like Pumpfun continue to sell, it could push Solana to retest lower levels of $84 or even $70. But if the market takes up the selling and finds new buyers, the price may stabilize or even begin to rise again.

Technical analysis also suggests that after retesting lower levels, SOL may rebound and try to reach new highs. The forecasted path is slow recovery with a potential surge past $500, but this will not happen unless the broader market supports it and the selling activity reduces.

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.