Popular Solana SOL/USD meme coin launch platform pump.fun raised eyebrows by selling over seven figures worth of SOL as traders foresee promising price action in the near future.

What Happened: The Pump.fun account sold 9,940 SOL, worth $1.3 million, around 20 hours ago. In total, it has sold 274,313 SOL, worth $42.9 million, at an average price of $156.5 out of a total revenue of 712,797 SOL, worth $95.9 million.

Crypto trader ShardiB2 predicts a bottom on Solana to form if the cryptocurrency gets above $136:

$SOL gets above $136 and that's a daily bottom confirm today… have all day pic.twitter.com/TgB4zn67ad — Don't follow Shardi B if you hate Money (@ShardiB2) September 12, 2024

Trader Altcoin Sherpa noted that Solana is forming a decent low, seeing "a grind up from here." The trader thinks it could be a decent swing trade if Bitcoin’s price action allows for it.

Why It Matters: DefiLlama data shows total value locked in Solana at $4.77 billion, up from $1.42 billion at the start of the year. The blockchain registered 3.38 million active addresses.

In another development, ICO Drops reported the FTX/Alameda Research-associated wallet redeeming 177,693 SOL, worth $24 million, from staking. This wallet continues to hold 7.06 million SOL, worth $954 million in staking.

What’s Next: Altcoins will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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