Pump.fun is selling some of its SOL assets amid market volatility. However, its portfolio remains large in its main holdings in SOL, USDC and JITOSOL amid minor fluctuations. According to analysts, the altcoin remains stable with technical indicators pointing to a pause in momentum.
Pump.fun dumped 90,000 SOL into Kraken!
As you follow from Kriptokoin.com, the size of the waves in the market decreased over the weekend. However, whales are on the move. According to on-chain data, Pump.fun transferred 90,000 Solana (SOL) worth approximately 14.97 million to Kraken. This sale increased pump.fun’s fee income account to over SOL 1.092 million, worth approximately $182.45 million from transaction fees alone. On-chain observer Ember reported the development with the following statement:
pump.fun’s fee income account continues to sell SOL. Transferred 90 thousand SOL ($14.97 million) to Kraken 5 hours ago. pump.fun has generated a total of SOL 1,092,000 ($182.45 million) in fee revenue so far. It sold approximately 709,000 SOLs ($111.93 million) at an average price of $157.9.
Source: XData shows that pump.fun has a balance of $87.8 million in its altcoin account. Solana leads with a total value of $45.66 million, followed by USDC with $22.80 million and JITOSOL with $19.32 million. The account also includes smaller tokens such as CT, CWIF and BOBUKI.
Financial growth and volatility trends
The historical summary of the balance of the pump.fun account since the beginning of 2023 shows an upward growth trajectory, especially in the summer months. In October, the portfolio approaches its highest value. Thus, it reaches the current balance. Meanwhile, data shows that pump.fun made significant gains throughout the year. But recent weeks have seen significant fluctuations, potentially reflecting market conditions or valuation changes for assets like Solana.
Source: ArkhamAltcoin price movement and market situation
Despite this transaction, at the time of writing Solana recorded a 0.65% price decline, remaining at $166.63. However, SOL ranks as the fifth largest crypto with a market value of $78.46 billion. The altcoin price chart confirms the recent surge, showing a sharp rise above $174 in the evening intraday high followed by a sharp correction to lower levels.
Source: CoinMarketCapThe price continues to fluctuate between $166 and $168. However, the overall trend of altcoin price remained in a stable range. SOL reached a high near $180 in late October. However, it later showed signs of consolidation. Recent moves have indicated a brief pause in upward momentum. Additionally, technical indicators do not provide further insight into Solana’s current market position. MACD indicates a positive trend. Additionally, the MACD line is above the signal line. Additionally, the RSI stands at 63.15. This shows that although the asset remains strong, it has not yet reached overbought levels.
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