Many of the leading cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), and Solana (SOL), have posted minor gains over the past 24 hours. However, PUMP (the native token of Pump.fun) has outperformed them and all top 100 digital assets after surging by almost 20% to reach an 11-week high of roughly $0.00215.
Crypto X members noticed certain ecosystem advancements that have perhaps positively impacted the valuation, while some believe the rally might be just starting.
Pump.fun Beats Hyperliquid
Several hours ago, an X account associated with Pump.fun revealed that the meme coin launchpad has generated a 7-day revenue of almost $7.5 million, surpassing the popular decentralized exchange Hyperliquid, which recorded $7.31 million in the same period.
The development has drawn reactions from both critics and proponents of PUMP. X user LB argued that flipping Hyperliquid in the middle of a bear market is “the funniest” thing, questioning what would happen in the next bull run.
“Pump revenue figures are going to get stupid. I predict we will see a period where PUMP does $250M a month in revenue. $4.1M in buybacks a day. ATH matter of when not if. The only thing you need to worry about as a pump holder is not selling too early,” they added.
Pentosh1 also chipped in, stating “the math is mathing” for the token. They believe the potential growth of on-chain activity should be a huge beneficiary for the price, claiming PUMP is “here to stay.”
“And I say this as someone who has been a PUMP hater,” the analyst clarified.
After the latest price increase, many think the token is poised for much more substantial gains. X user Aman claimed that PUMP is testing a major descending resistance that has rejected the price twice before. They believe that a daily close above $0.00205 could open the door for “a strong breakout move.”
“Bulls are one breakout away from changing the entire structure,” the X user suggested.
For their part, Nehal opined that PUMP is pulling back into a key demand zone after reclaiming structure. In their view, the price may soar by over 80% from here on if bulls defend this area.
Knock Down or Knock Out for the Bears?
It is worth noting that the cryptocurrency market remains stuck in a persistent bear market, and any sudden price increases like PUMP’s could turn out to be short-lived and followed by a pullback.
In fact, something similar happened at the start of last week when the token’s valuation posted a 20% daily jump only to head south in the coming days.
PUMP’s Relative Strength Index (RSI) should serve as another warning. The ratio of the technical analysis tool has risen above 80, signaling that the token has entered overbought territory, which is typically a precursor to a correction. In contrast, anything below 30 is considered a buying opportunity.
- PUMP RSI, Source: TradingView
The post PUMP Hits an 11-Week High: Momentum Building or Pullback Ahead? appeared first on CryptoPotato.
Source: https://cryptopotato.com/pump-hits-an-11-week-high-momentum-building-or-pullback-ahead/
