Can the latest move by the "whale" PUMP trigger a 30% rally?

The cryptocurrency market is recovering: PUMP (Pump.fun) consolidates bullish prospects thanks to strong accumulation by “whales”

As the cryptocurrency market gradually recovers, Pump.fun (PUMP) is standing out with high expectations for a strong price increase. This optimism is not only due to the potential for price appreciation but also reinforced by large-scale accumulation activities by institutional investors (whales), adding more confidence to the community.

According to data from Onchain Lens, a cryptocurrency whale just withdrew 1.34 billion PUMP, worth approximately $3.31 million USD from the OKX exchange. This move has increased the total PUMP holdings of this whale to 2.8 billion PUMP, with a total value of about $6.32 million USD.

Source: X/OnchainLensWhales – organizations or individuals holding large amounts of tokens – always have a significant impact on market trends. Their asset accumulation activities are closely monitored by investors and traders to look for early signals of potential price increases.

This massive accumulation of 1.34 billion PUMP by the whale is raising suspicions of an upcoming strong price rally, or perhaps the whale is holding important insider information.

Price movement and trading volume of PUMP

Currently, the impact of this accumulation has not yet clearly reflected in the token’s price. PUMP is trading at $0.002491, up slightly by 1.05% in the past 24 hours. Notably, trading volume has also surged by 15%, reaching $155.89 million USD, indicating growing market interest in PUMP.

Typically, an increase in volume is a sign that investors and traders are closely watching the trend of this token.

Bullish outlook of 30%?

On the daily chart, PUMP is forming an inverse head and shoulders pattern – a technical signal often indicating an upward trend. The “head” part has already been completed, and the formation of the “shoulder” may still be ongoing. If this pattern is confirmed, PUMP could see a significant rally in the next few days.

Source: TradingViewAdditionally, PUMP is maintaining a key support zone at $0.00242 – a price level that has repeatedly reversed in history. If the price continues to hold above this level, a 30% increase in the near future is entirely feasible, targeting the $0.0033 mark.

Source: TradingViewHowever, it is important to note that the technical indicator Average Directional Index (ADX) is currently at 19.96 – below the critical threshold of 25, reflecting that the upward momentum remains weak across the market.

Market sentiment and traders’ leverage positions

Although technical indicators are signaling caution, derivative data from Coinglass shows that most traders are still betting on an upward trend for PUMP.

Source: CoinglassDay traders are using high leverage at $0.00235 (for short positions) and $0.00256 (for long positions). At these levels, the market records a total leveraged long position value of $2.68 million USD and a short position of $1.98 million USD, indicating a prevailing optimistic sentiment.

Summary

Strong accumulation by whales, increased trading volume, and positive technical patterns are opening up significant bullish prospects for PUMP. However, investors should consider technical signals and actual market developments carefully before making decisions.

Mr. Giáo