The market for Solana ($SOL) has been very active in the last few hours. Large deposits and sales of the cryptocurrency have been reported by various trading platforms. One of the most notable events concerned a mysterious trader who goes by the handle @pumpdotfun (or Pumpfun) and seems to be in the business of large-scale depositing. After a brief hiatus, this trader has returned to Kraken with another hefty deposit of $SOL. Pumpfun is not the only whale on the move, however. A Closer Look at Pumpfun’s Moves Only 20 minutes have passed since Pumpfun put another 84,358 $SOL—worth a stunning $9.32 million—into the Kraken exchange. This latest move from this private whale, who has yet to reveal his identity, is just the tip of the iceberg. Pumpfun has already sloshed over 2,883,418 $SOL into Kraken—an unbelievable amount of cash worth around $543 million at an average price of about $189 per token. Pumpfun( @pumpdotfun ) deposited 84,358 $SOL ($9.32M) to #Kraken again 20 mins ago. So far, #Pumpfun has deposited 2,883,418 $SOL ($543.5M) to #Kraken at $189 and sold 264,373 $SOL for 41.64M $USDC at $158. https://t.co/qUlZ3FNshD pic.twitter.com/YD52rtrbOp — Lookonchain (@lookonchain) April 8, 2025 Pumpfun has been nothing short of strategic in its trading activity. In conjunction with the hefty deposits, the whale has partaken in offloading portions of its holdings. By far, the most notable of these has been a sale of 264,373 $SOL for 41.64 million USDC, which was executed at an average price of 158 $SOL. This combo of deposits and sales suggests that Pumpfun is engaged in some not-so-obvious market-making. Market observers are closely watching Pumpfun’s next move. The scale of the transactions is huge. The deposits into Kraken signal that Pumpfun may be getting ready for another big sale, or possibly several big sales, or even a take-profit moment, depending on what appears to be a rather murky broader strategy. Notably, the deposits signal a progressively larger sales moment of what was once a ‘buy the dip’ strategy. Another Whale Sells $10.7M in $SOL In an increasingly dramatic development, another whale, this one holding a staggering 1.32 million $SOL—valued at approximately $192 million at current prices—has also been active recently on the market. This whale has other plans, though. Just 30 minutes ago, it sold off 100,000 $SOL, valued at around $10.7 million. This massive sale has drawn attention not just because of the whale’s size and the scale of its holdings but also for what it might mean for the future price of $SOL. What makes this sale especially noteworthy is the context surrounding the whale’s prior actions. Approximately 15 days ago, the whale unstaked a total of 1.32 million $SOL, a move that raised eyebrows at the time. Following this, the whale deposited 1.2 million $SOL into Kamino, a decentralized liquidity protocol, and borrowed $20 million in the process. This indicates that the whale may have been looking to leverage its $SOL holdings, perhaps for liquidity purposes or to cover other positions. Given the sale’s timing, it’s possible that the whale is now divesting itself of some $SOL to cover the borrowed funds or to manage risk. A whale holding 1.32M $SOL ($192M) just sold 100,000 $SOL ($10.7M) 30 minutes ago. 15 days ago, the whale unstaked 1.32M $SOL , deposited 1.2M $SOL into #Kamino , and borrowed 20M $USDC . He likely sold $SOL to cover the loan. https://t.co/2ucFr3IYiw pic.twitter.com/paOLh9dt4O — Lookonchain (@lookonchain) April 9, 2025 Although it is hard to pinpoint the exact motivations behind the whale’s big moves, these large trades frequently signal a drive to manage risk or to snag some value at major price points. The whale’s choice to part with 100,000 $SOL after picking up 20 million USDC suggests they are very much in the liquidity management camp and possibly looking to hedge future volatility in the $SOL market. Potential Market Impact The combined actions of Pumpfun and the unnamed whale are making the $SOL market go absolutely berserk. This is obviously a problem because when you shove a ton of assets into an exchange like Kraken, you’re essentially making the price of that asset go up. In this case, both cryptids are clearly making big moves and using that to inflate the price of $SOL—almost like a pump and dump. Kraken has itself seen some serious movements of late, and is currently one of the bigger players in the $SOL space, especially in terms of volatility. Disproportionate affects on the price of a cryptocurrency, like $SOL, can often be traced to whale activity. $SOL has experienced turbulence this summer, but it has a relatively stable price now. Traders must be on high alert for any further actions from the large holders of $SOL, as these may cause big shifts in market sentiment. Simultaneously, the reality that these whales are so energetically interacting with decentralized liquidity protocols like Kamino prompts a re-examination of what might be driving their engagement. With what can only be described as a lot of $SOL, it’s clear that some investors are using very sophisticated strategies to attempt to wring out as much value as possible—beyond the ordinary price speculation in which most crypto investors engage—from their holdings. And those sophisticated strategies seem to mostly involve providing liquidity in decentralized exchanges like Kamino. Conclusion: What’s Next for $SOL? $SOL has been the recent center of attention among crypto projects where not only has it been mentioned here but so too have significant deposits and sales from leading whales. Some are speculating this might be the precursor to the next big thing for the token. Not that anyone could with certainty predict the next big direction for $SOL, but I would suspect that in the raw movement of large $$ amounts of deposits and sales, we’re seeing a potential change in sentiment, something for which the $SOL token could be theoretically user-upgraded. The crypto community is closely observing to see if Pumpfun and the other whale will continue to make moves that could further impact the price of $SOL. Given the size and scale of their holdings, these whales are likely to be influential in the near-term price action of Solana, and their decisions will almost certainly affect the broader market dynamics in the next few days. As always in crypto, the actions of a few powerful players can ripple out to create major shifts in the market, and $SOL may be poised for more surprises ahead. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. 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