Solana $SOL has experienced a remarkable rebound of 10%, defying predictions after a considerable transaction of 55 million dollars executed by the Pump.fun platform on the Kraken exchange. This increase occurs in a highly unstable environment for the cryptocurrency.
On the first day of the year, specifically at 17:00 UTC, Pump.fun made a double remittance of SOL to Kraken, totaling 55 million dollars. The first transfer of 22.8 million dollars occurred at 16:37 UTC, followed by a second disbursement of 32.7 million dollars at 17:45 UTC. Paradoxically, this massive liquidation triggered a rebound in the price, which climbed from 189 dollars to over 200 dollars in less than an hour.
This action is part of a sequence of significant movements by Pump.fun, which has liquidated more than 303 million dollars in SOL on Kraken since the beginning of 2024. Despite these significant selling pressures, the cryptocurrency market shows remarkable resilience.
The minimal impact of these large-scale sales on the value of Solana suggests a strong latent demand, possibly driven by institutional investors. This market behavior contradicts conventional logic, where massive selling typically depresses prices. The vigorous recovery of Solana could be interpreted as a sign of long-term confidence in the project.