Meme coin launchpad Pump Fun has sold another 43,000 SOL as the Solana price rallied to $220, it's highest level this year.
Meme coin launchpad Pump Fun has offloaded more of its SOL holdings following the recent Solana price rally to $220. This comes amid predictions that Solana could soon reach its current all-time high (ATH) and possibly surpass it soon enough.
Pump Fun Sells 43,000 SOL As Solana Price Surges
In an X post, the on-chain analytics platform Lookonchain revealed that Pump Fun has sold 43,000 SOL ($9.46 million. The meme coin launchpad has sold 793,243 SOL ($132.5 million) out of its total revenue of almost 1.2 million SOL ($263 million). Solscan data shows that the Pump Fun fee account still holds 220,865 SOL ($48.4 million).
This development came as the Solana price hit $220, which marked a yearly high for the crypto. SOL’s outlook is currently bullish, with the Bitcoin price rallying and bullish sentiment in the broader crypto market.
The Solana price is also bullish, given the liquidity flowing into the SOL ecosystem. Debridge data showed that over $160 million has been bridged into the Solana ecosystem in the last seven days.
The meme coin frenzy on the Solana network has partly contributed to these inflows as market participants look to trade meme coins on the network. This frenzy was over the roof today, as Solana meme coins ACT and PNUT rallied 1,300% and 250%, respectively, following Binance’s spot listing.
Thanks to this meme coin frenzy, Solana topped Ethereum in weekly decentralized exchange (DEX) volume for the sixth consecutive week. DeFiLlama data shows that Solana recorded a trading volume of $17.484 billion in the last seven days, while Ethereum’s DEX volume was $14.97 billion during this period.
SOL To Reach All-Time High Soon
In an X post, Crypto analyst Altcoin Sherpa said that the Solana price will soon reach its current ATH of $260. He made this prediction while remarking that market participants should not fade the “biggest casino this cycle” in allusion to the meme coin frenzy on the Solana network.
The analyst’s accompanying chart showed that the Solana price could quickly run to $290 as soon as it breaches its ATH at $260. According to a CoinGape market analysis, Solana eyes $263 and $330 as the next potential targets following its most recent price rally. Meanwhile, there is also the possibility that SOL could rally to as high as $1,000 in this market cycle.
At the time of writing, the Solana price is trading at around $219, up over 4% in the last 24 hours. SOL’s trading volume is up over 40%, with $10.17 billion traded during this period.