Pump.fun Token Rallies 2.9 Percent as 24-Hour Trading Volume Surges 79 Percent

Pump.fun's (PUMP) token experienced a notable intraday rally, with its price surging to a high of $0.00290 before retreating to $0.002498, reflecting a 2.9 percent daily increase. This move came amid a sharp 79 percent spike in 24-hour trading volume, reaching $663.7 million, and a market capitalization of $884.3 million. The increased volume indicates heightened trader interest and growing visibility on major trading platforms [1].

Currently, PUMP is holding just above a key short-term support level near $0.00249, which may serve as a potential floor if buying momentum continues. A breakdown below $0.00242—this session's low—could trigger further downward pressure. On the upside, the immediate resistance is around $0.00280, with a stronger barrier at $0.00290, where selling pressure became evident during the session [1].

Technical indicators present a mixed picture. The MACD on the 4-hour chart shows a potential bullish crossover but remains in negative territory. The RSI is at 42.38, hovering just above the oversold level, suggesting that continued buying could drive a short-term rebound. These signals reflect a market in consolidation, with traders closely monitoring for a potential breakout or breakdown [1].

Recent legal developments continue to influence sentiment. Executives from Solana and Jito were recently named in an expanded $722 million lawsuit tied to Pump.fun. While the immediate trading reaction has been muted, these developments are shaping broader investor perceptions and may affect long-term confidence. Additionally, Pump.fun's daily revenue has dipped below $300,000, the lowest since September 2024, raising concerns about the project’s sustainability [1].

The token's circulating supply currently stands at 354 billion, or roughly one-third of the total supply, which contributes to the high volatility observed in its price movements. Traders remain focused on short-term price dynamics, with order flow and market sentiment likely to dictate the near-term direction of PUMP [1].

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Source: [1] Pump.fun Token Rallies Intraday as Trading Volume Surges by 79 Percent (https://coinmarketcap.com/community/articles/688a1bf9c4e32d555c37fa20/)