On March 26, blockchain tracking platform LookOnChain reported that Pump.fun deposited 104,120 SOL, worth approximately $15 million, to Kraken.
This transfer adds to the growing list of transactions tied to Pump.fun, which has now moved over 2.73 million SOL, valued at $526 million, to the exchange. The sudden shift of large volumes to a public exchange is often interpreted as preparation for a potential sell-off.
Pump.fun is a Solana-based meme coin launchpad that allows users to create and trade tokens quickly.
The project’s success has been followed by accumulation of SOL, presumably for liquidity and operational purposes. However, the repeated transfers of SOL to Kraken suggest that Pump.fun might be converting holdings into stablecoins or fiat, possibly to realize profits or fund operations.
According to Lookonchain, Pump.fun has already sold 264,373 SOL for $41.64 million in USDC at an average price of $158. These sales represent a notable reduction in holdings, and more transfers could be on the way if the trend continues.
On-Chain Netflow Data Confirms Sell Pressure
On-chain analytics provide additional evidence of growing sell pressure. A recent netflow chart tracking SOL’s movement to and from exchanges shows a rise in positive netflow—meaning more SOL is entering exchanges than leaving.
This data supports the idea that whales are preparing to sell. The green bars on the chart, particularly those observed in mid to late March, reflect increased deposits of SOL to exchanges. These inflows align with Pump.fun’s reported transfers to Kraken and could be because of profit-taking by large holders.
If netflows remain positive, short-term price rallies could face resistance due to growing sell-side liquidity on exchanges.
Solana Breaks Downtrend But Faces Resistance
Despite the whale movement, Solana’s technical chart shows signs of a potential recovery. On the daily chart, SOL has broken out of a descending triangle pattern, which is generally a bullish indicator. The breakout occurred above the long-standing downward resistance line that had capped prices since February.
The MACD (Moving Average Convergence Divergence), a key momentum indicator, shows a bullish crossover. The MACD line has moved above the signal line, suggesting growing upward momentum. At the same time, the RSI (Relative Strength Index) stands at 48.28, indicating neutral strength in the market. It is not yet in overbought territory, which leaves room for price appreciation—if buying volume continues.
The price currently sits at $137.40. A strong support zone has formed around the $125–130 region. If this zone holds, Solana may attempt to push toward the $150–160 range in the near term. However, if whale selling intensifies, the price could retest lower levels.
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The direction Solana takes next will likely depend on whether Pump.fun and other large holders continue to offload their tokens on exchanges. While the breakout gives some confidence to traders, the threat of sell-side pressure from major deposits to Kraken creates a counterweight to bullish expectations.