"Solana's $208M Sell-Off: Market Braces for Price Plunge"

Solana Faces Crucial Test as Pump.Fun Transfers Millions to Kraken and Market Awaits Price Action

In the past five weeks of 2025, a major player in the cryptocurrency world, Pump.Fun, has divested a large quantity of Solana ($SOL) tokens and moved the proceeds to the Kraken exchange. The scale of the operation is hard to fathom, with some 1.021 million SOL, worth around $208.22 million, being offloaded since January. This hyperaggressive selling, coordinated with some not-so-covert market moves, has traders and investors on high alert, anticipating the next big dip or pump and keeping an especially close watch over Solana’s price action.

To put the scale of Pump.Fun’s operations into perspective, since its launch, the platform has received a total of 2.724 million SOL in fees. Of that amount, an astounding 2.567 million SOL (valued at $508.98 million) has already been sold and transferred to Kraken. The average selling price for these transactions has been around $198 per token. This recent price action is mostly the work of the platform Pump.Fun, which has in general been a price driver up and down in the Solana ecosystem recently. The latest transaction it has done—140,000 SOL (around $26.62 million)—happened just five hours ago.

Moving such a large number of SOL tokens to Kraken—not to mention the large-scale selling they did over the past month—has left many Solana holders looking toward the horizon with dread. The implication is that Solana’s overall value has seriously and maybe permanently diminished, and so the price can no longer be reliably expected to go up over any timeframe. Recently, Solana’s price has been dangerously close to crossing an important support threshold. The assumption is that if it drops below this threshold, it may well keep dropping and if it stabilizes above, then there is a decent chance of it going up.

One of the most dominant L1 chains in recent times, Solana, is approaching its support zone. Before the start of this year, whenever $SOL reached this zone, it managed to push its price above $250. The complexity of the situation is