PUMP up 13% as Wintermute scoops $3.5mln – Is a 55% rally next?
PUMP breaks out on the charts as whales return. But is this rally here to stay?
Key Takeaways
PUMP gained momentum after Wintermute accumulated $3.55 million in tokens. Bulls now eye a 12%–55% upside range.
Pump.fun [PUMP] is mounting a strong recovery after plunging 67% from its all-time high, backed by a clean breakout and whale accumulation.
PUMP leads gainers, but volume slips
At press time, PUMP traded at $0.002909, having climbed 13% over the past 24 hours.
With this impressive price uptick, the memecoin appeared on the top gainers list, outperforming major assets like Bitcoin [BTC] and Ethereum [ETH].
However, 24-hour volume fell 10%, reflecting hesitation among traders despite the price uptick.
Why is PUMP’s price rising?
PUMP defied the broader market chop with a clean breakout, largely fueled by notable whale participation and investor accumulation.
Solscan data showed that Wintermute, a top algorithmic trading firm, accumulated 1.24 billion PUMP tokens worth $3.55 million in the past 24 hours.
The firm sourced these memecoins from exchanges like Gate.io and Bybit, marking strong participation from a known liquidity mover.
However, it’s not just accumulation that has been observed.
Wintermute also rotated 1.01 billion tokens ($2.69 million) via its liquidity wallet, possibly for DEX liquidity or exchange deposits.
Is the bear phase done?
This activity aligned with a breakout on the charts.
AMBCrypto’s technical analysis revealed that PUMP has finally broken through a key resistance level, which it had been facing along a descending trendline.
The TradingView chart showed that the memecoin not only breached the trendline but also closed a four-hour candle above it, indicating a successful breakout.
If momentum holds, PUMP could rally 12% to $0.00332. A candle close above $0.0038 could trigger a much larger 55% upside move.
The Supertrend indicator flipped green and shifted below the price, confirming a bullish bias.
PUMP’s bullish on-chain activity
Investors and long-term holders have been actively accumulating the memecoin, per CoinGlass.
Data revealed that investors withdrew $19.53 million worth of PUMP from exchanges over the last two weeks.
This substantial outflow from exchanges suggests potential accumulation, which could lead to increased buying pressure and further price appreciation.
Meanwhile, traders also appeared to be following the same trend.
CoinGlass’s Exchange Liquidation Map showed traders stacked long positions between $0.00285 and $0.00302, worth $2.48 million.
Shorts in the same range stood at $1.81 million, reinforcing that bulls had the upper hand and likely seized the dip.
