Based on Solscan, Pump.enjoyable made two important deposits to Kraken on January 1. The primary, value $22.8 million, occurred at 4:37 PM UTC, adopted by one other $32.7 million switch at 5:45 PM. The platform added an extra $13.11 million in SOL to Kraken on January 2.
Traditionally, massive trade inflows have tended to coincide with elevated promoting strain, a prelude to a value decline. The robust demand for Solana to this point has swallowed this provide and is pushing the worth increased. SOL broke above a descending parallel channel on January 2 during which it had been buying and selling since late November and may be signaling a bullish reversal.
The worth has additionally damaged above its 20-day Exponential Shifting Common, an indicator of rising demand. This indicator tracks the pattern in costs over the past 20 days and displays a shift towards bullishness.
Technical indicators assist this outlook. Additionally, the MACD line has simply crossed above its sign line on 1 January, which might point out additional upward momentum. If the pattern continues, Solana may check the subsequent resistance at $219.31 and at finest attain its all-time excessive of $264.63.
This implies a sudden enhance in selloffs might revert all of the good points to $189.24.