In a notable move, PumpFun has transferred 95,934 SOL (approximately $13.34 million) to Kraken, continuing its trend of high-volume transactions in 2025. This brings the total amount of SOL moved to the exchange by PumpFun to over 1.8 million, valued at around $324 million. This surge in whale activity reflects growing investor confidence in Solana (SOL) as its price consolidates following a period of bullish trends.
A Closer Look at PumpFun’s Whale Activity
Blockchain data provider Lookonchain tracked the deposit, which marks yet another significant transaction by PumpFun this year. The increased whale activity is typically seen as a sign of strong investor confidence, especially in light of recent bullish price trends for Solana. So far in 2025, PumpFun alone has transferred large volumes of SOL, suggesting growing interest in the cryptocurrency.
Solana’s Price Momentum and Future Projections
Solana has recently broken through key resistance levels, with analysts forecasting a continuation of its upward trend. Crypto analyst Ted has compared current price action to that of Q4 2022, suggesting SOL could reach $160 to $180 by May 2025. If these bullish predictions hold, Solana might even achieve new all-time highs later in the year, with some even speculating a potential price rally to $2000.
Institutional Interest Drives Confidence
Beyond whale activity, institutional interest in Solana is also on the rise. Galaxy Digital, a major player in the crypto space, has been pulling substantial amounts of SOL from exchanges, including a $77 million withdrawal since mid-April. This withdrawal, along with a $19.5 million sell-off from Binance, signals strong faith in Solana’s future prospects. Additionally, market players like Janover have acquired over $10 million in Solana, further supporting a positive outlook for the cryptocurrency.
Retail Investors Follow the Whale Trend
Retail investors are also becoming more active in Solana, with the number of wallets holding 10,000 or more SOL increasing by 1.53% last week. This growing accumulation suggests that large holders are positioning themselves for potential price gains. Such activity often precedes broader market recognition, which could trigger price rallies and further fuel Solana’s bullish momentum.
SOL Technical Analysis: Price Targets and Entry Opportunities
Technical analysis indicates a promising future for Solana. Analyst Learnernoearner has identified an inverse head and shoulders pattern, suggesting a possible long-entry opportunity. Support is seen at $125, with immediate resistance at $135. A breakout above $178 could trigger a move towards higher price targets, including $199, $216, and $238. Some analysts even suggest a potential rally to $2000, depending on the market’s overall sentiment and institutional involvement.
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