- Pump.fun fell by 10% in 24 hours, from $0.007828 to $0.007133 amidst volatility.
- A whale acquired 1.1 billion PUMP tokens for $8 million USDC at $0.0072 per unit.
- Holding $0.007 support could target $0.0098 (Fib 1.618) and $0.0128 (Fib 2.272) resistance levels.
Solana-meme coin launchpad, Pump.fun fell sharply in the past 24 hours. Token erased gains accrued earlier after it fell by 10%. Price fell from an intraday high of $0.007828 and closed at $0.007133, closing the week down after heightened volatility.
Pump.fun’s price dipped 4.43% to $0.00705, and its market capitalization also dipped 4.31% to $2.51 billion. The broader Pump.fun system was also impacted negatively. There are still short-term risks remaining, while the recent bullish trend of the project is yet not entirely wiped out.
Despite recent losses, Pump.fun is still up 142% in the past 30 days. The token is even changing hands just 11.5% below an all-time high of $0.008819, achieved on September 14.
Major Investor Accumulates 1.1 Billion PUMP
On-chain data revealed a significant whale purchase supporting PUMP’s outlook. A major player utilized $8 million USDC, purchasing up 1.1 billion tokens at $0.0072 apiece. The trade is one of the largest recent PUMP transactions and underscores enduring demand from investors.
A large investor buying shares in Pump.fun signals its upward trend. In the past, these types of stock purchases have led the market sentiment to rise in that they attract positive speculation from small investors. Analysts believe renewed momentum could emerge if increased liquidity flows accompany whale entries, potentially driving short-term demand and sustaining upward pressure.
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Maintaining $0.007 Could Trigger Fibonacci Upside
CryptoPulse noted that PUMP can keep the $0.007 support level. If it does hold, the token may seek Fibonacci goals. Bullish signals are at $0.0098 for Fib 1.618 and a more robust $0.0128 extension for Fib 2.272 resistance targets.
A breakdown of this level could invalidate the bullish formation. Analysts warn of potential breakdown risks, including a squeeze of liquidity forcing prices lower towards $0.005 demand. Investors are skeptical, awaiting sturdier confirmations before concluding whether Pump.fun moves higher or outlines a deeper correction.
The upcoming sessions are crucial. Pump.fun’s support flip on $0.007 might determine its near-term direction. The ecosystem keeps speculative focus while it is subjected to volatile short-term pressures defining its price performance.
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