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Popular Solana-based Launchpad Pump.fun is under fire again after a law firm filed a class action lawsuit against the platform on behalf of investors who lost money on memecoins deployed in Pump.fun.
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Bullish momentum has returned in the general crypto market bolstering major digital assets such as Solana toward an upward direction once again. As SOL gains traction, certain key indicators and chart formation are pointing to a potential upsurge for the altcoin in the upcoming weeks.
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The crypto community is rallying behind Donald Trump’s inauguration set for January 20, viewing it as a turning point that could reverse years of regulatory challenges faced under the President Joe Biden administration.
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As noted by Lookonchain, a Solana trader has turned heads with profits of almost $20 million each from $ai16z and $Fartcoin, and with an 89.07% win rate over the past 30 days.
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Growing investor optimism in anticipation of Trump’s inauguration is inviting new capital into the market, which pushed Aave deposits to a new all-time high.
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Solana started a 10% price reversal less than an hour after Pump.fun completed the second transaction of a $55 million Solana transfer to Kraken exchange.
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The network now holds approximately $5 billion worth of stablecoins, mostly made up of USDC.
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The asset manager has added tokens including HYPE, VIRTUAL, ENA and JITO to its list of the top 20 tokens to watch.
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Elisa Rossi, the ex-wife of Solana co-founder Stephen Akridge, has accused him of stealing millions of dollars in SOL staking rewards.
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With recent price developments, Solana could be set for a major rally in the coming days or weeks. Due to the general market’s resurgence, several bullish forecasts from seasoned crypto analysts suggest that the altcoin might be entering the next phase of its bull cycle.
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