In response to Solscan, Pump.enjoyable made two vital deposits to Kraken on January 1. The primary, price $22.8 million, occurred at 4:37 PM UTC, adopted by one other $32.7 million switch at 5:45 PM. The platform added an extra $13.11 million in SOL to Kraken on January 2.
Traditionally, massive change inflows have tended to coincide with elevated promoting stress, a prelude to a value decline. The sturdy demand for Solana thus far has swallowed this provide and is pushing the value increased. SOL broke above a descending parallel channel on January 2 through which it had been buying and selling since late November and could be signaling a bullish reversal.
The worth has additionally damaged above its 20-day Exponential Transferring Common, an indicator of rising demand. This indicator tracks the development in costs over the past 20 days and displays a shift towards bullishness.
Technical indicators assist this outlook. Additionally, the MACD line has simply crossed above its sign line on 1 January, which might point out additional upward momentum. If the development continues, Solana would possibly check the subsequent resistance at $219.31 and at greatest attain its all-time excessive of $264.63.
This implies a sudden improve in selloffs might revert all of the positive factors to $189.24.