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Pumpfun has deposited 105,233 SOL tokens to Kraken, valued at approximately $15.86 million, in a fresh on-chain move. This move comes amid a Solana price recovery above the $150 resistance and increasing odds of a SOL ETF approval at a 90% probability, according to Bloomberg analyst Eric Balchunas.

Pumpfun Deposits 105,233 SOL to Kraken

According to Lookonchain, Pumpfun has moved 105,233 SOL tokens to Kraken in its latest transaction. This follows a series of consistent deposits made by the project over time. In total, Pumpfun has now deposited 3,202,498 SOL—worth around $591 million—on the Kraken exchange at an average price of $185.

In addition to these deposits, Pumpfun also sold 264,373 SOL for approximately $41.64 million in USDC at a price of $158 per token.  At the same time, Lookonchain reported that three new wallets withdrew 145,000 SOL tokens—valued at around $21.8 million—from Kraken.

These wallets were recently created and performed these transactions within the past hour, suggesting potentially coordinated actions or accumulation.

SOL Price Technical Trend Supports Bullish Continuation

Solana’s daily chart shows a bullish price structure supported by the breakout from a falling wedge pattern. This pattern developed from early January to late March 2025 and typically signals a trend reversal. The price broke above the wedge’s resistance in early April, followed by a sustained rally from under $100 to more than $150.

The current price action is forming a bull flag structure, which often appears before another upward move. Analysts observe higher lows and higher highs on the chart, a clear uptrend pattern. Volume has remained steady, with spot volume between $4 billion and $6 billion daily, according to data from DeFiLlama.

On the 1-day price chart, the Relative Strength Index (RSI) and Money Flow Index (MFI) both point upward. The RSI stands at 61.59, suggesting further room for growth before reaching overbought conditions while the MFI is at 58.06, which indicates more capital is entering than leaving.

Resistance Levels Ahead for Solana Price

Crypto analyst Gerlaenco noted that Solana has bounced over 50% since its recent low. He mentioned, “$SOL $200 end of May,” referring to a possible price target if current momentum continues. According to his analysis, the next resistance zone lies between $170 and $185.

This area served as a previous rejection zone during the correction phase earlier in 2025 from Solana’s all-time high of $294.44. If price action breaks through this range and turns it into support, then a path toward $200–$220 could open.

Solana’s recent price momentum has been mostly boosted by the SOL ETF optimism. Bloomberg’s Eric Balchunas recently raised the likelihood of a spot SOL ETF approval to 90%, placing Solana among the top contenders. This news has fueled fresh investor interest, both in the spot and derivatives markets.

Concurrently, data from DeFiLlama shows that perpetual futures volume for Solana has stayed elevated across March and April. Even during periods of price correction, this volume remained consistent, indicating continued interest and active participation from traders.

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