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$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.
$PUMP’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, $PUMP’s double-digit rally paired with a 132% spike in daily volume indicates that buyers are aggressively entering the market.
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$PUMP Price/ Trading Volume. ">
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.
$PUMP Aroon Up Line">
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.
$PUMP Price Analysis.">
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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