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• Pump.fun’s $436M USDC outflow fuels Solana investor caution.
• Currently, SOL struggles near $121–$123 support amid death cross risks.
• Technical setups, however, hint at $160 target, but momentum remains weak.

Solana price has struggled to sustain its recent recovery after a volatile week, as concerns over ecosystem stability and broader market pressures weighed on the cryptocurrency.

Despite technical signals that had hinted at a potential rebound, investor caution has surged following a massive USDC outflow from Pump.fun, Solana’s leading meme coin platform.

The unexpected move has cast a shadow over the network’s short-term outlook, challenging bulls and reigniting debate over whether Solana (SOL) can regain momentum in the current market environment.

Pump.fun outflow rattles the market

The spotlight has shifted squarely onto Pump.fun after on-chain data from Lookonchain revealed a substantial transfer of 436.5 million USDC to the Kraken crypto exchange.

This outflow, originating from mid-October, comes amid growing uncertainty over the platform’s financial strategy and public silence.

Notably, investor confidence has visibly waned, with the PUMP token falling more than 22% over the past week, and the USDC movement has been interpreted as a potential cash-out, adding downward pressure on Solana’s broader ecosystem.

Furthermore, the USDC outflow is not an isolated event.

The same Lookonchain report indicates that Pump.fun also offloaded a large portion of Solana (SOL) holdings in recent months, including 3.93 million SOL moved to Kraken and 264,373 SOL sold on-chain.

These actions, combined with declining activity on the platform’s Mayhem Mode, signal reduced engagement, which could translate into lower network fee revenue for Solana and dampened investor sentiment.

The sharp decline in new tokens created under Mayhem Mode, from over 1,400 to fewer than 20 on November 21, according to data from the Dune platform, further illustrates the erosion of user participation.

This wave of uncertainty arrives as Solana navigates a broader market landscape marked by extreme fear, with the crypto Fear & Greed Index registering 12/100.

On-chain volume data shows that while SOL remains active, liquidity pressures and ecosystem jitters are weighing heavily on the short-term outlook.

Solana price recovery prospects

Earlier, technical analysts had pointed to a potential rebound in Solana’s price.

They noted that SOL reclaimed its 4-hour trend line, signalling momentum recovery ahead of other major assets.

Trader Cobb highlighted a breakout above short-term resistance levels near $143–$145, while GTradeCrypto identified a breakout from a symmetrical triangle and a possible incoming inverse head and shoulders breakout.

$SOL 1H:
Broke $130 resistance.
Broke EMA Ribbon.

Now ready to break the wedge and inverse H&S.

$140 next.

Solana https://t.co/9ekxVui0uL pic.twitter.com/nan6tp6CuQ

— Da’ G (@GtradeCrypto) November 23, 2025

This pattern pointed to a measured move toward $160, raising hopes of a more sustained recovery.

But despite these bullish indicators, SOL remains confined within a descending channel that has dictated price action since mid-September.

SOL/USDT 4H$SOL is still camped at the channel bottom. With top & bottom trendlines converging, volatility is compressing — energy is building for a one-sided move.
A clean reclaim above Demand Zone 3 sets up a run toward Demand Zone 2 / upper TL;
failure to hold → fresh leg… pic.twitter.com/cF4uDKB4VH

— CryptoKoon (@Cryptokoon_) November 24, 2025

The formation of a death cross on the daily chart, with the 50-day moving average crossing below the 200-day moving average, has added caution to the technical outlook.

While recent candlesticks display long lower wicks, indicating aggressive buying at support levels between $121–$123, the market has yet to demonstrate sustained momentum.

A close above $144–$146 would be needed to validate early strength, with a breach of $172 signalling a meaningful trend shift.

Meanwhile, the broader technical structure hints at a potential cup-and-handle formation, with the weekly price range between $128–$180 remaining intact.

On-chain volume supporting the network’s activity suggests that underlying demand persists despite near-term volatility.

• Bitcoin ETF outflows and shrinking liquidity intensified the recent BTC price decline.
• Margin liquidations accelerated the selloff as key support levels broke.
• Correlation with tech stocks added pressure amid broader risk-off sentiment.

Bitcoin price has come under intense pressure in recent weeks, with the market enduring a deep pullback fueled by weakening demand, heavy ETF outflows, and a wave of forced liquidations.

The downturn has erased months of gains and pushed traders to question whether the latest slide marks a temporary setback or the start of a deeper cycle reset.

ETF outflows add fuel to the decline

Bitcoin’s slide has been sharp and persistent since its early October peak above $126,000.

Since the October peak, the cryptocurrency has shed almost $800 billion in value, sinking to levels last seen in the spring.

ETFs, once a stabilising force for Bitcoin (BTC), are now driving additional weakness.

BlackRock’s IBIT ETF, which previously absorbed sell-offs, has posted its largest monthly redemption on record, with $520 million leaving the fund.

This reversal marks a shift in institutional sentiment and has become a major source of downward pressure.

A recent NYDIG research highlights how ETF outflows, shrinking stablecoin supplies, and changing corporate treasury strategies are eroding the demand engine that supported Bitcoin earlier this year.

Greg Cipolaro of NYDIG describes the current cycle as a “negative feedback loop,” in which factors that once boosted the market are now accelerating the downturn.

This shift has placed Bitcoin under sustained selling pressure at a time when broader risk appetite is also weakening.

A key part of this shift can be seen in the stablecoin market, where supplies have declined for the first time in months, with some tokens losing significant value after liquidation events.

In addition, digital asset treasuries, once active Bitcoin buyers, are pulling back as they reduce liabilities through asset sales or share buybacks.

These moves have contributed to a steady drain of liquidity across the crypto sector.

Bitcoin price outlook

From a technical standpoint, Bitcoin has plunged into oversold territory and printed a hammer candle, hinting at a potential swing low.

Eyes are now on $88,500, which capped rallies earlier in the year and briefly halted last week’s selloff.

A sustained break above it could create conditions for a short-term recovery, with targets near $94,000 and $95,000.

However, that setup faces stiff resistance from broader market sentiment.

Bitcoin’s tight relationship with risk assets adds another layer of complexity.

The correlation between Bitcoin and Nasdaq 100 futures has climbed to unusually high levels, reaching near 0.96.

When tech stocks fall, Bitcoin tends to follow, and recent turbulence tied to concerns over an AI bubble has weighed heavily on both markets.

Bitcoin dominance has also slipped to multi-month lows, signalling that capital is drifting away from BTC and into either safer assets or high-risk alternatives.

The market is also seeing increased volatility from margin liquidations.

Leveraged positions, especially in perpetual futures, have magnified the recent moves.

As Bitcoin fell below $87,000, more than $900 million in positions were wiped out, with longs taking most of the damage.

Notably, liquidation cascades have become a recurring theme, deepening each leg lower.

Furthermore, oscillating indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), remain bearish, hinting that previous bounces have been sold into quickly.

A drop below recent lows could open the door to a retest of the $76,000 region, where Bitcoin (BTC) stabilised during an earlier market shock linked to tariff fears.

• The altcoin braces for a recovery as it awaits a key catalyst this week.
• The first anonymous payment layer on Solana GhostPay launches on November 26.
• The debut could catalyze potential GHOST price recovery.

The countdown to GhostPay’s rollout started after the team confirmed this week’s debut in an X post.

With the first privacy payment layers launching on Solana soon, traders’ attention has shifted to GHOST’s price performance, especially as the community braces for partnership and new utility announcements.

The official announcement read:

“GhostPay officially arrives November 26. The first anonymous payment layer of Solana goes live. We’ll reveal new partners and use cases leading up to launch.

JUST IN: $GHOST announces launch date for GhostPay, the first native privacy-focused payments layer on Solana. Leading X accounts among the early supporters. pic.twitter.com/5IswselxKi

— Whale Insider (@WhaleInsider) November 24, 2025

Notably, the rollout will mark the arrival of Solana’s first native privacy-focused payment layers, a breakthrough that might transform how anonymous transactions move on-chain.

Most importantly, the team promised new collaboration and more use cases ahead of the launch.

Traders are closely watching for these updates as they could trigger bounce-backs for native GHOST.

The altcoin was among the top-performing cryptos in October, gaining over 100% for the month.

Indeed, projects offering privacy features have seen an increase in demand in recent months, with projects like Zcash outperforming gloomy broader markets.

GHOST’s utility will expand rapidly if GhostPay secures strategic partnerships with DeFi protocols, cross-chain bridges, payment processors, or digital wallets.

Notably, markets tend to reprice real-world use cases quicker, and that positions GHOST for remarkable recoveries amidst GhostPay’s potential success.

Commenting on the upcoming launch, self-proclaimed crypto multi-millionaire Gordon posted on X:

Privacy on Solana is getting loud, GhostPay is about to unlock real utility, and holders receive 100% of the fees. The flywheel is already spinning.

GHOST price outlook

The alt changed hands at $0.059 after an over 2% dip in the last 24 hours.

GHOST shed more than 5% of its value the previous week due to broader market turmoil and profit taking after its impressive October performance.

Meanwhile, the token is attempting a recovery after hitting the support around $0.0058.

GHOST has tested this zone several times, making it crucial for a possible bounce-back.

Amplified bullish actions (if GhostPay drives substantial optimism) could see the alt surging towards the obstacle at $0.0089.

That would translate to a roughly 33% uptick from Ghost’s current market price.

Broader sentiment shifts could see GHOST continue its rally to the obstacle at $0.012 and extend to $0.15.

Meanwhile, intensified selling pressure in the overall cryptocurrency market could mean subdued price actions for GHOST.

Failure to hold above $0.0058 might catalyze downtrends toward the support zone at $0.0045.

• Animoca must meet capital, compliance, and operational conditions before final approval.
• The firm already secured in-principle approval for a crypto brokerage licence in Dubai in October.
• Animoca’s portfolio spans more than 600 companies in web3 gaming, infrastructure, and digital rights.

Animoca Brands is taking a major step in its regulated expansion strategy as it secures initial approval to set up a fund management business in Abu Dhabi.

The move signals a deeper shift in how the company wants to operate across the Middle East, with a focus on building a structured, compliant base for its growing investment activities.

Abu Dhabi’s Financial Services Regulatory Authority granted the in-principle approval on November 24, giving the company a clear path toward full permission once it completes the required capital, compliance, and operational processes.

This early approval adds new direction to Animoca’s efforts to formalise its presence in a region that is fast becoming a centre for digital asset companies.

The firm sees the UAE as a growing market where regulated structures can attract both traditional investors and digital-native participants.

With operations already established in Dubai, the company is now tying its regional strategy to a framework that supports managed funds and institutional-grade products.

Investment expansion

The approval allows Animoca Brands to move closer to managing collective investment funds from within the UAE.

This is important for the business because it positions the firm to support institutional clients under a regulated environment.

Animoca already works across several areas of the web3 economy, including advisory services and investment activity, and it maintains a portfolio of more than 600 companies across gaming, infrastructure, digital property rights, and tokenised platforms.

A fund manager licence would give the company a structured base of operations for these investments, creating a unified location for regulated activities across its global network.

It also supports Animoca’s intention to build a wider footprint in markets where regulatory clarity is improving quickly.

By anchoring its investment work in Abu Dhabi, the firm is preparing for a future where compliant digital asset services will become more central to institutional adoption.

Regional licensing progress

Animoca Brands has been steadily expanding its regulatory presence in the Middle East.

In October, the firm secured in-principle approval for a crypto brokerage licence from Dubai’s Virtual Assets Regulatory Authority, allowing it to offer regulated trading services in the emirate.

The combination of approvals in both Abu Dhabi and Dubai shows how the company is shaping its regional strategy through recognised frameworks rather than informal or unregulated operations.

Alongside regulatory progress, Animoca is also working on tokenisation initiatives involving real-world assets.

A recent project involves a limited partnership fund developed with Hong Kong-listed DL Holdings, using the XRP Ledger to structure on-chain vehicles.

The company continues to add new programmes across education finance, token distribution, and web3 gaming, expanding the network of projects connected to its broader ecosystem.

Growing UAE digital assets focus

The UAE has become a priority destination for companies operating in the digital economy, and Animoca Brands is using this momentum to anchor its regulated activities in the region.

With clearer rules, new licensing pathways, and rising interest from global investors, the Middle East offers a strategic opportunity for businesses seeking compliant growth.

Animoca’s latest approval places the company at the centre of this shift as institutions look for regulated access to digital assets.

The firm’s chairman, Yat Siu, is scheduled to speak at the Global Blockchain Show 2025 in Abu Dhabi, highlighting the company’s role in regional discussions on digital asset development.

The new approval supports this engagement by giving Animoca a recognised path to expand its fund management and investment work as demand for regulated services continues to increase.

Memecoin launchpad Pump.fun has cashed out more than $436 million in stablecoins since October’s record crypto market crash throttled trading activity and slashed the platform’s monthly revenue.

Since Oct. 15, the Solana-based memecoin launchpad transferred $436 million in USDC (USDC) stablecoins to cryptocurrency exchange Kraken, signaling the platform’s operators were cashing out, according to blockchain data platform Lookonchain.

Pump.fun began transferring millions in stablecoins to the exchange a week after the record $19 billion October crypto market crash had cut speculative appetite among memecoin investors.

Pump.fun’s monthly revenue fell below $40 million for the first time since July, dropping to $27.3 million in November, down 53% from September’s $58.9 million, according to data from DefiLlama.

Cointelegraph contacted Pump.fun for comment on the reason behind the selling and whether the platform plans future token liquidations. A spokesperson for Pump.fun said the “relevant team” is working on a comment and will respond “when they have the time.”

Related: Bitcoin rout continues as crypto treasuries face reckoning: Finance Redefined

Is Pump.fun’s revenue still pressured by the dynamics of the $19 billion market crash?

Pump’s large-scale transfers triggered criticism among crypto investors, who saw it as a potential precursor for more selling pressure from the platform.

Memecoin trading activity had been trending down before the October market crash, which “accelerated” the slowdown, according to Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen.

“Retail got burned repeatedly over the past few months, so the drop-off we’re seeing now is a continuation of that,” the analyst told Cointelegraph, adding:

“This also isn’t the first time we’ve seen reports of large sell-offs from Pump.fun, so it wouldn’t be surprising if they continued selling from their holdings.”

Related: BitMine sits on $3.7B loss as DAT ‘Hotel California’ meets BlackRock’s staked ETH ETF

The Pump.fun-tagged cryptocurrency wallet still holds about $855 million worth of stablecoins and $211 million worth of Solana (SOL) tokens, according to blockchain data platform Arkham. 

The $436 million transfer was likely a withdrawal rather than an immediate sell-off, according to onchain analyst EmberCN, who wrote that the funds came from institutional private placements of the $PUMP token in June at a price of $0.004.

“Pump.fun moving like a full-time liquidation machine while everyone else is out here ‘buying dips’ that never stop dipping,” crypto investor SK wrote in an X post.

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