The price of Solana (SOL) has broken through a descending trendline that had been acting as resistance since late January. The breakout suggests a potential reversal of the previous bearish trend. The key support during this period was around $175, while the immediate resistance levels to watch are $206.50 and $212.50. Breaking through these levels could propel SOL towards $244. However, there are concerns about the impact of recent large deposits of SOL to Kraken by Pumpfun, which could negatively affect SOL's market dynamics. Pumpfun's transactions reflect operational strategies and could increase supply pressure on the market, potentially impacting SOL's valuation and investor sentiment. While this activity may initially have a negative effect, the demonstration of high liquidity could stabilize or even uplift SOL's valuation in the long run.



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