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Solana (SOL) price surged more than 10% after a $55 million transfer from Pump.fun’s trading account to the Kraken exchange. The prospect of ETF approval could push the SOL price even higher in the future.
Solana (SOL) mobility in the cryptocurrency market! On 1 January, a large fund transfer created a significant jump in Solana’s price. The memecoin platform called Pump.fun transferred a total of $ 55 million SOL from the trading account to the Kraken exchange. This development caused the Solana price to recover within an hour, gaining more than 10%.Giant Transfer and Price Increase from Pump.fun
The Pump.fun platform made two separate transfers on 1 January. First, SOL, worth $ 22.8 million, was sent to the Kraken exchange at 13:37. The second transfer was worth $ 32.7 million and was completed at 14:45. These large-scale transactions pushed Solana’s price up, allowing the price to recover quickly by 15:00.
Solana’s 2025 Target: $400!
The race for an ETF approval among investment firms is accelerating. Giants such as VanEck, Grayscale, 21Shares, Bitwise and Canary Capital have completed their Solana ETF applications. In particular, the deadline for Grayscale’s Solana ETF application was set for 23 January. For other applications, a preliminary decision is expected on 25 January.
While the price of Solana returned to the level of $ 230 on 11 December, the long-term target of $ 750 announced by Bitwise attracts attention. Brazil’s approval of the first Solana ETF on 7 August paved the way for similar steps globally.
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