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Solana Price At Risk As Pump Fun Offloads $28M SOL

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1 month ago

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Despite the global crypto market’s recent rebound to reach $3.16 trillion, the Solana price is facing significant pressure. Solana’s current struggle is primarily triggered by pump.fun’s massive SOL sell-off. In a recent revelation, Lookonchain unveiled Pump.fun’s significant transfer of 148.7K SOL to Kraken.

Pump.fun Moves $28M SOL: Solana Price in Trouble

According to an X post shared by the on-chain analytics platform Lookonchain, Pump.fun, Solana’s memecoin launchpad, executed a transfer of a staggering 148,759 SOL, worth approximately $28.22 million, to Kraken. This massive sell-off has fueled speculations of Solana price’s potential bearish trend.

To date, Pump.fun has made a substantial transfer of 2,280,377 SOL, valued at approximately $462 million, to Kraken. The platform has sold 264,373 SOL for 41.64 million USDC. The Pump.fun address still maintains a notable balance of 16,877 SOL, suggesting a deliberate reserve after the transaction.

Notably, Pump.fun’s massive SOL sell-off has created a buzz in the market, sparking speculations of Solana price’s imminent downtrend. Just after the transfer, SOL experienced a marginal decline of 1.2%.

Is Solana Slipping to New Lows?

Currently, Solana is trading at $191.17, with a slight surge of 0.20% over the last 24 hours. On a monthly and weekly basis, the Solana price has witnessed slight upticks of 2.68 and 0.55%, respectively.

Meanwhile, Binance Coin (BNB) has surpassed Solana in market capitalization, reaching $96.15 billion compared to Solana’s $93.16 billion, sparking concern. This anxiety is widely demonstrated in the changing market sentiment as Solana’s 24-hour trading volume is down by 11.51%, currently at $3.39 billion.

Significantly, the Solana price has dropped below the volume-weighted average price (VWAP) support level, which has been in place since the September low. Though the level historically provides a buying opportunity, repeated tests may increase the likelihood of a breakdown.

Fear Grips Market: Can Solana Price Avoid $120 Drop?

It is noteworthy that the Solana price has been consolidating for over 83 days, trading within established boundaries. According to Crypto School, the HTF support level is clearly identified at $176. Adding to this point, it is understood that a break below $165 could pull the price down to severe lows.

DeepSeek’s latest predictions have added fuel to concerns about Solana’s potential bear market. According to their forecast, Solana’s price may plummet to $120 in Q1 2025. However, DeepSeek also suggests an alternative scenario, where the token could surge to $250 during the same period.

Will Solana Rebound? Analysts Weigh In

Despite speculations of a bearish trend, analysts remain optimistic about a potential bullish reversal. Rose Premium Signals, a crypto voice on X, provides three bullish targets for Solana price, including $296.38, $339.55, and $384.56. At the same time, Kyren presents a more ambitious target of $500 for SOL, predicting that the token will hit the level in 2025.

A positive outlook on Solana’s future trend could be primarily attributed to Coinbase Derivatives’ potential launch of its SOL Futures contract product.

Amidst conflicting predictions of bullish and bearish trends, the market’s future remains uncertain. So, traders are advised to exercise caution, conduct thorough research, and stay up-to-date before making investment decisions.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase CLO Criticizes The US Treasury Over Tornado Cash SDN Delisting Procedure

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2 hours ago

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March 23, 2025

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The US has lifted sanctions against crypto mixer Tornado Cash but the procedure has drawn widespread criticisms. Coinbase Chief Legal Officer (CLO) Paul Grewal has taken swipes at the US Treasury for its “botched” attempt at waiving the need for a final judgment.

Coinbase CLO Pokes Holes In US Treasury’s Latest Court Filing

In a strongly worded post on X, Coinbase CLO Paul Grewal railed against the US Treasury’s handling of Tornado Cash’s delisting from the sanctions list. According to Grewal’s disclosure, the US Treasury filed a pleading to moot the need for a final judgment on the matter.

In legal terms, a party to dispute can apply to moot a final judgment, arguing that the issue at hand is no longer significant or actionable. Following Tornado Cash’s removal from the Specially Designated Nationals and Blocked Persons (SDN) list, the US Treasury’s latest filing seeks to waive a final judgment on the case. Tornado Cash users have been in court, challenging the US Treasury’s decision to place the mixer on the SDN list.

However, Grewal argues that the filing runs contrary to established legal processes in the US. He notes a proper filing follows only if the defendant can show that the “practice cannot reasonably be expected to recur.”

The Coinbase CLO cited several legal precedents involving law enforcement agencies removing sanctions and not moving a case. He argues that without a final court judgment, law enforcement can review their decision to impose fresh sanctions at a future date.

“Treasury has likewise removed the Tornado Cash entities from SDN, but has provided no assurance that it will not re-list Tornado Cash again,” said Grewal.

A Protracted Legal Battle Against Authorities

The road toward the lifting of Tornado Cash’s sanctions was long and winding. A raft of  Tornado Cash users headed to court to protest the placing of the mixer on the SDN list. US authorities say the mixer played a principal role in laundering nearly $500 million worth of stolen digital assets by North-Korean backed Lazarus Group.

After notching a series of small wins in Court, Grewal criticized the US Treasury for failing to comply with a court ruling clarifying the status of Tornado Cash’s smart contract. The court ruled that the smart contract did not form property under the IEEPA as it is non-erasable.

Tornado Cash has received support from Coinbase with the Ethereum Foundation supporting the legal defense of lead developer Alexey Pertsev.

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto Tycoon Drops $1 Billion On Private Space Station

Published

3 hours ago

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March 23, 2025

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cryptocurrency mogul Jed McCaleb is spending $1 billion of his own money to build a space station. The Ripple co-founder, worth about $3.2 billion from XRP holdings, now runs Vast Space, an aerospace company he started in 2021.

Space Station Launch Set For 2026

According to recent reports, Vast Space has completed designs for its first station called Haven-1. The station will launch in May 2026 using SpaceX’s Falcon 9 rockets. McCaleb’s company focuses on creating space stations with artificial gravity, a feature mostly seen in science fiction flicks, until now.

“It’s very important that humans transition from where we are today into this potential society where there are many individuals living outside the Earth,” McCaleb told Bloomberg in an interview.

McCaleb Shifts From Crypto To Cosmos

The cryptocurrency expert has made a dramatic career change. His company aims to fill the gap left when the International Space Station (ISS) is decommissioned in 2030. Haven-1 will support long-term human stays, scientific research, and may open doors for space tourism.

Based on the information available, McCaleb is personally funding this massive project rather than seeking outside investors. This approach gives him more control over the company’s direction and timeline.

Private Companies Compete For Space Dominance

Vast Space joins other private space companies like SpaceX, Blue Origin, Axiom Space, and Voyager Space. All these firms are trying to gain ground in the growing space economy as government agencies increasingly work with private businesses.

XRP market cap currently at $140 billion. Chart: TradingView.com

McCaleb’s fellow Ripple co-founder, Chris Larsen, expressed support for the venture on social media platform X:

“This is a big, bold vision by Jed McCaleb. America used to pursue new frontiers like this before skidding into bureaucracy and doubt. I’m rooting for Vast’s success.”

Vast headquarters in Long Beach, CA. Image Credit: Bloomberg Businessweek

NASA Contract Could Boost Vast’s Position

Reports suggest Vast Space is competing for a NASA contract that could make it a leader in the space industry. If successful, the company plans to expand beyond Haven-1 to create larger modular stations in the future.

Vast Space’s work on artificial gravity could solve one of the biggest challenges for long-term human presence in space. The company’s success might bridge the gap between science fiction and reality, opening new possibilities for human settlement beyond Earth.

The move from cryptocurrency to space exploration shows how tech wealth is funding new frontiers. McCaleb’s billion-dollar bet represents one of the largest personal investments in commercial space development.

Featured image from Gemini Imagen, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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Fidelity Files For Tokenized US Dollar Money Market Fund On Ethereum

Published

8 hours ago

on

March 23, 2025

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While BlackRock holds a clear lead over the tokenized money market fund, Fidelity Investments is keen on closing the gap. Fidelity’s latest play is a filing to the US Securities and Exchange Commission (SEC) to tokenize its USD money market fund.

Fidelity Files Paperwork With The SEC For Ethereum-Based Fund Tokenization

According to a filing to the SEC, Fidelity is seeking the registration of a tokenized version of its money market fund. Dubbed the Fidelity Treasury Digital Fund, the firm is eyeing the registration of an Onchain share class for the fund.

Per the filing, the transfer agent will be blockchain technology with the fund name-checking the Ethereum network. Despite leaning on Ethereum, Fidelity’s filing suggests a future expansion to other blockchains in the future.

The filing reveals that the tokenized fund will not invest in any cryptocurrencies but 99.5% will go to US Treasury securities and cash. At the moment, 80% of the fund’s assets are in US Treasury securities with interest payable upon maturity.

The latest filing follows an application to introduce staking in Fidelity’s Ethereum ETF. In Q4 of 2024, Fidelity waded into blockchain-based funds via a filing with the SEC to catch up to BlackRock.

How Will A Blockchain-based Fund Operate?

Details from the SEC filing revealed that the Ethereum blockchain will be used for secondary recording, augmenting the book-entry form. However, investors in the Fund will be required to have a top blockchain wallet to hold the OnChain class shares.

While the filing does not expressly mention a secondary trading market for OnChain class shares, Fidelity hints at the potential peer-to-peer trading of shares on the blockchain.

“The fund has no current agreement to make OnChain class shares available for trading in a secondary market but may enter such an agreement in the future,” read the filing.

Ethereum Price Gains In The Wake Of The Report

The report of Fidelity with its nearly $6 trillion assets under management tapping Ethereum for tokenization has created a stir in the ecosystem. Ethereum’s price climbed by nearly 2% to trade at just above the $2,000 mark.

ETH has its eyes on a key resistance level that could push Ethereum’s price to $1,700 in the coming days. A slew of negative reports have hit Ethereum in recent days with Standard Chartered slashing its ETH prediction for 2025 by 60%

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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