According to Lookonchain, Pump Fun deposited 122,620 SOL, valued at $21.75 million, to Kraken 7 hours ago. This transaction is part of a broader strategy by Pump Fun, which has seen them deposit a total of 1,785,278 SOL, worth $359 million, to the exchange. These deposits have resulted in the sale of 264,373 SOL for 41.64 million USDC, indicating a significant conversion of assets into USDC on the Kraken platform. The ongoing deposits reflect a calculated approach to liquidity management, with Pump Fun having accumulated a total of 2,241,890 SOL, valued at approximately $410 million, during their operations.

The trading implications of these activities are substantial. The large volume of SOL being liquidated could create downward pressure on the SOL price on Kraken and possibly across other exchanges if market participants anticipate similar deposits. As of the latest transactions, the selling of SOL for USDC suggests a preference for stablecoin holdings, possibly in anticipation of price volatility or strategic repositioning. The consistent deposits indicate a planned liquidation strategy rather than sporadic sales, which could affect market sentiment and trading volumes significantly.

Technical analysis reveals potential impacts on SOL market indicators. The Relative Strength Index (RSI) for SOL may indicate an oversold condition should the selling pressure persist, potentially leading to a price correction. Moreover, the MACD (Moving Average Convergence Divergence) could signal bearish trends if the liquidation continues at current volumes. The trading volume on Kraken has seen a surge due to these transactions, with a notable increase in the 24-hour trading volume metric, reflecting heightened market activity. The on-chain data supports these findings, showing increased transaction frequency and volume associated with Pump Fun's wallet addresses, underscoring their significant influence on the market at present.