- Pump.fun (PUMP) dropped nearly 18.5% in 24 hours and 23% over the week.
- Whale investors cashed out after a strong two-month rally.
- The technical chart shows key retracement zones under test.
- Community sentiment remains bullish despite heavy selling pressure.
Pump.fun (PUMP) is struggling to maintain momentum under heavy market pressure. The token has fallen almost 18.47% over the last 24 hours and recorded a weekly decline of 23%. At the time of writing, PUMP is trading at $0.005981.
Daily trading volume surged by 22.12% to $658.89 million, reflecting increased activity as volatility rises. The token’s market capitalization currently stands at $2.12 billion, placing it among the more closely watched altcoins during this correction.
Also Read: Pump.fun (PUMP) Price Soars as Creator Earnings Hit $15.5 Million in Just One Week
Whales Secure Profits Driving PUMP Selling
According to the data from Lookonchain, whales have seized the opportunity to secure profits, fueling additional selling pressure. Wallet 6AkVuG offloaded 466.74 million tokens worth $3.27 million, roughly securing a $1.96 million profit and a 149% return. Around the same period, wallet 58teLV sold 272.24 million tokens for $1.95 million, locking in $1.16 million in profit, or a 133% return.
These moves highlight calculated profit-taking by early investors who benefited from the recent two-month rally. Such exits raise questions about the sustainability of current levels and send caution signals to retail traders who entered the market later.
PUMP Technical Levels Define Next Direction
PUMP is currently trading near $0.006013, testing critical retracement zones after pulling back from its recent high of $0.008993. The price has lost the 0.382 Fibonacci retracement at $0.006563 and is hovering close to the 0.5 retracement at $0.005813.
This area usually represents a critical support area during retracement movements. Buyers are attempting to support the demand area in the $0.0065 to $0.0060 range, but there continues to be selling there.
According to crypto analyst Altcoin Sherpa, a bounce could push the token toward $0.00656 or even $0.00749, but heavy resistance is in sight. The prolonged rally above those levels can extend to the higher range between $0.008500 and $0.009500, which has also exhibited multiple rejection wicks in recent trading periods.
The failure to support $0.0060 can put the token at risk of further losses down to $0.00506 and even $0.00399. On volumes, there is an indication that sellers are active on the ground but not in complete control of the market yet.
Market Outlook Reflects Cautious Optimism
According to the data from CoinMarketCap, community polls show that sentiment remains positive despite recent declines. 73% of 37,200 respondents still believe in PUMP’s future, and about 27% foresee another loss, showing vigilance still prevails in the market.
The strong bullish bias shows belief in a reversal, but continuing whale-driven selling pressure and critical technical levels have the direction in doubt. Future movements through and around the $0.0060 support level will basically decide if bulls can regain control or if a deeper correction becomes reality.
Also Read: Whales Pump $24 Million Into HYPE as Price Targets $60 in September Rally
