Kraken Sees $22.9M SOL Deposit Amid Solana Whale Activity and Market Volatility Concerns

A significant $22.9 million SOL deposit to Kraken by PumpFun has raised liquidity concerns for Solana, as whale activity continues to influence market volatility. Despite a slight price uptick, mixed signals in social dominance and long liquidations suggest uncertain market dynamics ahead.

Solana Whale Activity Sparks Volatility Concerns Amid Mixed Market Signals

A $22.9 million SOL deposit to Kraken by PumpFun—an entity responsible for over $340 million in solana transfers this year—has heightened liquidity concerns for the cryptocurrency. The 132,573 SOL transfer coincides with SOL’s 0.6% price uptick to $173.80, though such whale movements typically foreshadow volatility.

Market dynamics reveal a contradiction: While social dominance metrics decline, rising long liquidations and bullish funding rates suggest underlying buying pressure. Solana’s price trajectory now hinges on whether institutional activity outweighs weakening retail sentiment.

Pump.fun Deposits $22.8M in SOL to Kraken Amid Resurgent Activity

Pump.fun, the memecoin launchpad, has transferred 105,233 SOL tokens worth $16 million to Kraken on May 3, followed by an additional $22.8 million deposit this week. The platform routinely sends accumulated transaction fees to the exchange every one to two weeks.

This month alone, Pump.fun has sold over $38 million worth of SOL, signaling robust fee generation. The latest transfer’s larger volume suggests renewed protocol activity, corroborated by rising daily volumes on Dune Analytics.