Pump.fun (PUMP) is making headlines again as its price has climbed nearly 29.02% in the past 24 hours, defying the broader flat trend across the crypto market. Over the past week, PUMP has also gained 3.57%, signaling growing interest in the meme-based token.
At the time of writing, PUMP is trading at $0.003163, with a daily trading volume of $622.57 million, slightly up by 2.9% over the past day. Still, its market capitalization now stands at $1.11 billion, highlighting its strong presence in the current meme coin cycle.
Crypto analyst Captain Faibik pointed out that the token has likely bottomed out and is showing early signs of a new rally. He noted that the token has already delivered over 20% gains since it broke out of a long-term downward price pattern.
Recent chart activity shows that PUMP has been falling steadily for weeks, forming a bearish pattern with lower highs and lows. But in late July, it shifted into a quiet phase, known as an accumulation zone, where the price stayed between $0.00235 and $0.00295.
This sideways movement ended with a sharp upward breakout, suggesting that larger investors may have been quietly building their positions.
The breakout level was around $0.00298, and now analysts expect the price to reach $0.00470, a potential 57.7% gain from the breakout point.
Also Read: Pump.fun’s Delayed Airdrop Plan Triggers Massive Sell-Off
Despite the price surge, on-chain data tells a more mixed story. Open interest, the number of ongoing contracts in the market, has jumped by 38.10%, reaching $505.96 million.
This shows more traders are entering positions. However, overall trading volume fell by 5.69% to $1.58 billion, hinting that actual buying pressure may be slowing down.
Another key metric, the Open Interest-Weighted (OI-Weighted) ratio, stands at just 0.0242%, indicating that most of the action is being driven by leveraged bets, not long-term investment conviction.
While the breakout is real and short-term excitement is building, current data suggests the rise might be fueled more by speculation than solid demand.
Investors should keep an eye on whether the token holds its support level near $0.003, which could confirm its bullish shift or mark another false alarm.
Also Read: Pump.fun’s Delayed Airdrop Plan Triggers Massive Sell-Off
