PUMP, the native token that powers the Solana-based memecoin launchpad Pump.fun, has surged nearly 25% in the past 24 hours.
The altcoin briefly touched an all-time high of $0.008456 earlier today, highlighting the intensity of the rally. With a climbing bullish bias, PUMP appears poised to register further gains as traders enter the new week.
SponsoredPUMP’s Rally Backed by Explosive Market Interest
PUMP’s double-digit rally has been accompanied by a rise in the token’s daily trading volume. Per Santiment, this has exceeded $1.16 billion, up by 132% in the past 24 hours. This highlights the growing market interest in the altcoin.
When an asset’s price and trading volume surge, it signals strong conviction among market participants. Therefore, PUMP’s double-digit rally paired with a 132% spike in daily volume indicates that buyers are aggressively entering the market.
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This trend often reflects genuine demand and could fuel further upward momentum in the coming sessions.
Furthermore, readings from momentum indicators observed on the PUMP/USD one-day chart support this bullish outlook. For example, its Aroon Up is 100%, confirming the rally’s strength.
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The Aroon Indicator identifies the strength and direction of a trend by measuring the time elapsed since the most recent highs and lows.
When the Aroon Up Line registers at 100%, it indicates that a new high has just been set and that the bullish trend is at its strongest possible reading. This shows PUMP buyers are firmly in control, and signals that upward momentum will likely continue in the near term.
Will PUMP Retake Its ATH or Slip Toward Support?
At press time, the altcoin trades at $0.007803, hovering just below its new price peak of $0.008456. If buy-side pressure grows, PUMP could reclaim this price peak and attempt to rally beyond it.
However, an uptick in profit-taking activity could invalidate this bullish outlook. If selloffs resume, PUMP could reverse its current uptrend and fall to support at $0.007131.
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