Ethereum News Today: Pump Surges 22.2% on Solana Amid Strong Volume and Market Cap Growth

PUMP, a token on the Solana blockchain, has confirmed a bullish breakout after breaking out of a prolonged accumulation phase. The price surged by 22.2% to $0.003229 on July 31, marking a significant upward move following weeks of consolidation. During this accumulation phase, which spanned from July 27 to July 31, the price oscillated between approximately $0.020650 and $0.027450. The breakout was accompanied by strong volume activity and a 22.19% increase in market capitalization, pushing it to $1.14B [1].

The breakout was confirmed by a strong bullish candlestick, indicating a shift from an accumulation to a markup phase. Analysts view such patterns as a typical cycle in market behavior and a signal of potential further gains. The price could potentially target the $0.047174 level, which represents a more than 70% increase from current levels. However, technical indicators suggest a possible short-term consolidation. The RSI on the 5-minute chart has cooled to 58.61 from overbought levels near 80, indicating reduced upward momentum. Additionally, a bearish crossover on the MACD line reinforces the likelihood of a temporary pullback [1].

Despite these signals, PUMP remains above a key support level of $0.003000. If the price continues to hold above this level, it could retest the $0.0035 and $0.0040 levels in the near term. A breakdown below $0.003000, however, could send the price back toward the $0.002800 zone [1].

The token has a total supply of 1 trillion units, with approximately 354 billion currently in circulation. This means that about 35% of the total supply is active in the market, leaving room for further token distribution. Community sentiment remains optimistic, with 64% of voters expressing positive views [1].

In the broader market context, similar breakout patterns have been observed in several altcoins listed on Binance. Following a retest of breakout levels—often marked by a minor 3–5% dip—prices have rebounded strongly, reinforcing the validity of the uptrend. Analysts highlight that such retests offer low-risk entry points for traders looking to capitalize on further upside potential [2]. With target ranges of 10–15%, these breakouts are seen as strong bullish continuations, particularly for early-stage altcoins.

Ethereum has also shown signs of a similar pattern, with traders monitoring its ability to maintain levels above key resistance. A confirmed breakout above $3,850 could open the door to higher targets near $4,050, although caution is advised if the price fails to hold these levels [3]. Similar patterns have been noted in tokens such as LDO and DOGE, with DOGE having successfully retested the $0.24 level and bounced back, reinforcing its bullish continuation [5].

The broader market environment has seen a general recovery in cryptocurrency prices after recent volatility linked to macroeconomic concerns. Ethereum, for instance, has risen to $3,861 following a successful defense of a key support level [6]. These movements underscore the importance of breakout patterns in shaping short-term strategies and investor behavior.

Traders are advised to remain cautious, as failure to hold above key breakout levels could lead to a reversal in momentum. Nevertheless, the current price action supports a positive outlook for several altcoins, particularly those that have shown strong accumulation patterns before the breakout [2].

Source: [1] Pump Confirms Uptrend After Breaking Out of Accumulation Phase (https://coinmarketcap.com/community/articles/688bf67fd0f3561b92a4be4a/)

[2] Top 3 Breakout Altcoins on Binance You Can Trade Today (https://www.binance.com/en/square/post/27669375340146)

[3] Page 2 | Ethereum Token / Tether USD on BSC (https://www.tradingview.com/symbols/ETHUSDT_63B30D.USD/ideas/page-2/?asset=base&sort=recent&video=yes)

[5] Dogecoin (DOGE) Price: Multiple Patterns Align for (https://coincentral.com/dogecoin-doge-price-multiple-patterns-align-for-potential-breakout-to-1/)

[6] Could Bitcoin, Ethereum, XRP sustain recovery amid tariff (https://www.fxstreet.com/cryptocurrencies/news/crypto-today-bitcoin-ethereum-xrp-recover-rate-triggered-losses-amid-tariff-impact-concerns-202507311200)