CandleFocus Will Solana Drop to $200? Pump Fun Sells Off $23M of SOL
2024-11-26
Author: Content Editor
The fourth-largest cryptocurrency, Solana (SOL), is receiving attention from investors during a market correction. A whale transactions tracker reported that a Solana-based meme coin generator, Pump Fun, sold 99,999 SOL worth $22.74 million on the Kraken exchange. Despite this sell-off, experts believe the current market sentiment does not view it as excessive, but it could still have an impact on investor behavior and further price declines. Technical analysis suggests that SOL is struggling to maintain its support level of $230 and could potentially drop by 12%, reaching $200. However, SOL is trading above the 200 EMA, indicating an uptrend, and its RSI suggests a potential upside rally in the near future. Currently, SOL is trading at around $230 with a 3.55% price decline in the past 24 hours.
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