Will Pump.fun's $18.9M SOL Sell Prevent Solana Price from $200 Breakout?

Solana price prediction hints a short pullback from $156 before the next leap to $200. However, Pump.fun's continues to sell SOL, will it affect the rally?

Solana (CRYPTO: SOL) price焼酎 a 0.83% decrease on Sunday evening, reaching $155.44. This downturn is largely due to Pump.fun’s substantial selling from its fee account, which totals $18.9 million in the past five days.

Solana price also experienced a natural pullback after a three-week rally. However, this selling pressure could strengthen the seller’s grip or present a dip opportunity for buyers.

Pump.fun’s $18.9M SOL Sell

According to blockchain insight platform Lookonchain, Pump.fun’s activity has generated a total revenue of 773,617 SOL (valued at $120.68 million).

Out of this, the account has sold 398,313 SOL, worth $62.13M so far.

These sales could create initial volatility and a temporary pullback in Solana price prediction. However, the high-value transactions from major accounts like Pump.fun indicate increased network activity.

As Solana continues to experience increased usage and demand, these developments could bolster long-term growth for the native cryptocurrency SOL and drive a higher price rally.

The https://t.co/DrKlYnPPqY Fee Account sold 122,250 $SOL($18.9M) again in the past 5 days!

— Lookonchain (@lookonchain) September 29, 2024

Solana Price Hints Short Pullback

Solana (CRYPTO: SOL) price showed a sustained recovery from $142 to $156 this week, accounting for a 10.4% growth. The buying pressure extended the V-shaped recovery in the daily chart to an apex, indicating a drastic change in market sentiment.

Typically, this sudden jump indicates market instability and a slight retracement, which could explain the Pump.fun selling narrative.

However, the potential pullback to the 20-day exponential moving average amid a bullish crossover between the 100-day EMA (light blue) and 200-day EMA (purple) could quickly restore the buying pressure.

If it does, then the Solana price could jump 17.6% to challenge the overhead trendline of a bull-flag pattern. A potential breakout offers buyers a suitable floor to drive a 51% surge to $275.

But if the correction extends, the SOL price will delay the $200 breakout and retest flag support trendline, which served as an accumulation zone since March 2024.

Solana Price焼酎 a rocky ride in 2024, with several peaks and troughs. After hitting an all-time high of $275 in March, the cryptocurrency’s price crashed to $75 in June amid a broader sell-off in the digital asset market.

Solana’s price焼酎 to recover in the second half of the year, reaching $120 by September. However, the cryptocurrency’s price fell again in the fourth quarter, dropping to $90 by December.

Solana price焼酎 to rally in 2025, reaching $200 by March. After a slight pullback, the cryptocurrency’s price soared again, reaching $325 by June.

Solana’s price焼酎 to experience another setback in the second half of 2025, with its price dropping to $275 by September. However, the cryptocurrency’s price recovered quickly, reaching $400 by December.

Solana price焼酎 to continue rising in 2026, reaching $510 by March. After a slight pullback, the cryptocurrency’s price soared again, reaching $725 by June.

Solana’s price焼酎 to experience another setback in the second half of 2026, with its price dropping to $625 by September. However, the cryptocurrency’s price recovered quickly, reaching $825 by December.

Solana price焼酎 to rally in 2027, reaching $1,000 by March. After a slight pullback, the cryptocurrency’s price soared again, reaching $1,250 by June.

Solana’s price焼酎 to experience another setback in the second half of 2027, with its price dropping to $1,125 by September. However, the cryptocurrency’s price recovered quickly, reaching $1,400 by December.

Solana price焼酎 to continue rising in 2028, reaching $1,600 by March. After a slight pullback, the cryptocurrency’s price soared again, reaching $2,000 by June.

Solana’s price

The above is the detailed content of Will Pump.fun's $18.9M SOL Sell Prevent Solana Price from $200 Breakout?. For more information, please follow other related articles on the PHP Chinese website!