TLDR
- Pump.fun (PUMP) has gained over 37% in the past 7 days with continued momentum
- Whale holdings have increased by 25.24% over the past week according to Nansen data
- Long positions ($5.48B) currently outweigh shorts ($1.92B) by almost 3:1
- An ascending triangle pattern suggests a breakout target of $0.0038 if $0.00354 level is cleared
- Current price is around $0.00348 with key resistance at $0.00360-$0.00365
The Pump.fun token is showing remarkable resilience after a strong week of gains, continuing to push higher as key technical and on-chain indicators suggest more upside potential. Currently trading around $0.00348, PUMP has already gained over 37% in the past 7 days, with an additional 6% increase in the last 24 hours.
Market data indicates this rally may have more room to run, with multiple factors aligning to support further price appreciation in the short term.
Whale activity has been particularly telling. According to Nansen data, the top 100 addresses now hold 948.08 billion tokens, representing a 0.28% increase just in the past day. More impressively, whale holdings have grown by 25.24% over the past week, suggesting continued accumulation by large players despite the recent price increases.
Public figure wallets, often associated with influencers and known traders, have increased their holdings by 12.38%, now holding 601.56 million PUMP tokens. This pattern of buying into strength rather than taking profits suggests confidence in further upside.
The derivatives market supports this bullish outlook. The long/short ratio has turned decisively positive, remaining above 1.05. This indicates more traders are entering long positions than shorts.
Liquidation Dynamics
The current market structure creates an interesting squeeze potential for PUMP. With $1.92 billion in short positions versus $5.48 billion in longs, the market is heavily skewed toward the bullish side.
The liquidation map reveals a critical zone between $0.0035 and $0.0039 where short positions face increasing pressure. If PUMP pushes above $0.0035, it could trigger a chain reaction of liquidations, potentially accelerating the price movement.
These liquidation thresholds align with the technical pattern forming on the price chart, creating a confluence of factors that could drive the next leg up.
Price action is currently forming an ascending triangle pattern on lower timeframes. This setup typically resolves with an upward breakout, especially when supported by higher lows and ongoing accumulation.
The token is trading inside an ascending channel that has guided the price higher since the August 2 low. Each dip toward the midline around $0.00330 has been met with buyer interest, demonstrating consistent support.
Technical Indicators
The short-term technical picture supports the bullish case. The 2-hour RSI reading of 67.07 shows strong momentum without yet reaching extreme overbought territory.
MACD on the same timeframe shows a bullish crossover, while Bollinger Bands on the 4-hour chart are expanding with price near the upper band – a sign of strengthening momentum.
The EMA cluster (20/50/100) on the 4-hour chart is stacked bullishly below the current price, providing a cushion of support on any pullbacks.
Supertrend indicator on the 1-hour chart confirms the bullish outlook above $0.00314, while DMI shows the positive directional index leading with a rising ADX, indicating a strong trend.
Near-term resistance sits at $0.00360, with a secondary barrier at $0.00385. Support levels to watch include $0.00330 and $0.00310.
If PUMP breaks above the key $0.00354 level, technical projections suggest a potential 15% rally toward $0.0038 as the next target.
The current price of $0.00348 sits just below this critical breakout level, suggesting the next 24-48 hours could determine whether the token continues its upward trajectory or takes a breather after its recent gains.
Technical traders will be watching the $0.0035 level closely for signs of a breakout or rejection in the coming days.
The post Pump.fun (PUMP) Price: Whale Accumulation Reaches 25% Increase Over Past Week appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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