Solana ETF launched by Volatility Shares have fallen flat while pump.fun has allegedly sold 65,000 SOL worth a massive $8.22 million.
Blockchain analysis firm Lookonchain has raised suspicions regarding large-scale SOL SOL $114.2 24h volatility: 9.9% Market cap: $58.50 B Vol. 24h: $8.24 B transactions. According to the platform, pump.fun, a meme coin generator on Solana, may have quietly sold 65,284 SOL ($8.22 million).
Looks like #PumpFun may have quietly sold 65,284 $SOL($8.22M).
Today, they deposited 65,284 $SOL to #Kraken. Shortly after, 3 newly created wallets withdrew the exact amount and sold it for 8.22M $USDC at $126.
On March 25, they deposited 104,120 $SOL($14.97M) to #Kraken, then… pic.twitter.com/72mGfl15pe
— Lookonchain (@lookonchain) April 1, 2025
This occurred through a deposit to crypto exchange Kraken followed by withdrawals from three newly created wallets that immediately sold the same amount at $126.
A similar pattern was observed on March 25, when 104,120 SOL ($14.97 million) was deposited to Kraken, then withdrawn and sold at $144.
While it could be a coincidence, such transactions indicate significant offloading, potentially exerting downward pressure on SOL price.
pump.fun itself has been a major player in Solana’s ecosystem, generating $610M in fees and facilitating $1.1 billion in trading volume since its inception, shows the data from Dune.
Price Analysis: Key Levels to Watch
SOL currently trades at $127.49, marking a 2.5% increase in the past 24 hours. According to CoinMarketCap data, the trading volume surged 36% to $3.12 billion, signaling heightened activity.
However, Solana faces a critical resistance at the 20-day EMA of $132.51. A breakout above this level could trigger a bullish move, but failure to breach it may result in further consolidation.
As per the daily chart below, the Relative Strength Index (RSI) for SOL reads a value of 43.60 which means that the bears and the bulls are evenly matched. However, the gradient of the line indicates rising bullish pressure.
Source: TradingView
SOL is testing the resistance at the middle Bollinger Band ($130.82) and if a breakout is successful, investors could see the altcoin breach the resistance of upper Band at $142.56.
Solana’s Growing Fee Revenue and Market Presence
Despite short-term price uncertainty, Solana’s network continues to thrive. Over the past week, Solana ranked second among blockchains in fee generation this week, earning $6.76 million, trailing only Tron ($11.75 million) and slightly ahead of BNB Chain ($6.71 million).
Tron, Solana, and BNB Chain raked in the highest fees this week:
🥇 @trondao – $11.75M
🥈 @solana – $6.76M
🥉 @BNBChain – $6.71MDifferent chains, same hustle. pic.twitter.com/RIpUwMAjtH
— Nansen 🧭 (@nansen_ai) April 1, 2025
Additionally, according to an X post from researcher Dan Smith on March 31, the network REV (Real Economic Value), a metric that tracks the value generated by user activity, for Solana rose 54% to $18.5 million while that of BNB Chain dropped 38% to $6.7 million.
Week over week REV has increased for the first time in eight weeks, the curse has been lifted!
Here’s the weekly update
(REV, REV market share, w/w change)Solana: $18.5m, 39%, +54%
Tron: $11.8m, 25%, -3%
BNB: $6.7m, 14%, -38%
Ethereum: $5.1m, 11%, +15% pic.twitter.com/9vPhDlkxvz— Dan Smith (@smyyguy) March 31, 2025
ETFs Are Dry
Institutional interest in Solana took a step forward with the launch of two Solana futures ETFs by Volatility Shares on March 20.
These ETFs, named SOLZ (Solana ETF) and SOLT (2x Solana ETF), were expected to attract institutional flows. However, the initial response has been lukewarm.
According to Eric Balchunas, Senior Bloomberg ETF Analyst, these ETFs saw only $1 million in volume in their first few days.
The new Solana futures ETF hasn’t done much, a million in volume first few days is decent for normal ETF but nothing vs btc, about 80x less than $BITO‘s first few days or $IBIT‘s. Like we’ve said, the further you get away from btc the less asset there will be (which rhymes btw) pic.twitter.com/OqoIpzdeel
— Eric Balchunas (@EricBalchunas) March 31, 2025
While this is decent for a new ETF, it pales in comparison to the launch of Bitcoin ETFs like BITO and BlackRock’s IBIT, which saw nearly 80x more volume in their early days.
Balchunas remarked that the further a product gets from Bitcoin, the less institutional demand it tends to attract.
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