Whales Spark $PUMP Rally with $5M Inflows and 12% Price Surge Amid Renewed Market Confidence
0
0
The $PUMP token gained 12% in 24 hours due to heavy whale activity and renewed investor confidence. The market saw two big transactions that caught a lot of attention with $PUMP emerging as one of the top performers of the day.
A whale investor named “BGSLv” acquired 517.97 million $PUMP tokens for $2 million in USDC at an average price of $0.0039. Just hours later the position appreciated $140,000 for a 7% gain as the price of $PUMP reached $0.00416.
Another whale named “0x302” deposited $3 million USDC into the HyperLiquid platform to open a 2x long position on $PUMP at $0.00409, indicating the whale expects continued price upside.
The crypto market is interpreting these two whales taking such large leverage positions as a sign of positive future which is an overall vote of confidence for the upside price movement of the memecoin in the short term.
Why Whales Are Bullish on $PUMP
Several technical and market indicators are converging to affirm the bullish narrative surrounding $PUMP. The token’s current market price (CMP) of $0.004161. It is nearing a resistance level of $0.00435, while its support level, is $0.00346.
Trading volumes are growing, noting that today showed daily volume at $5.4 billion confirming liquidity and interest.
The 4-hour chart suggests the EMA50 level at $0.0039 has been broken out, pushing the token well by maintaining its price movement upward.
From a Fibonacci retracement standpoint, the mid-range target is $0.0047, and the upper range is near $0.0089, near double today’s price. Meaningful growth is expected for $PUMP if bullish momentum persists.
Whales, who typically enter positions on the early side of the accumulation period, have been active lately, indicating reasonable conviction in the technical set up and outlier sentiment around the project.
On-chain data also indicates that retail investors are beginning to mirror whale behaviors in terms of inflows and diminished sell pressure, a good sign for the continuing bullish sentiment overall.
The Road Ahead for the Memecoin
If the current momentum sustains, $PUMP will likely experience an extended rally phase in the near future. Whale inflows, volume accumulation, and appropriate market structure, are conditions that can pave the way for further upside.
Market analysts have been monitoring whether the token can successfully form a breakout above the clear and immediate resistance level of $0.00435.
If resistance is successfully broken, this would open the path to the $0.0047 fibonacci mid-range and would set the memecoin up for higher targets if demand remains strong.
As always, volatility is something to keep an eye on. In leveraged positions, such as the 2x long open from 0x302 on the derivatives exchange, quick fluctuations are often rocky and a shift can happen quickly. As long as there continues to be net whale activity, the sentiments should remain bullish for the memecoin.
Overall these whale movements and the associated market reactions shows confidence in the longevity of $PUMP and proves that high-net-worth and institutional investor are directing price moves again.
0
0
Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio you’re using to start.
0
0
0
0
