Pump, the native token of Solana-based Memecoin Launchpad Pump.fun, has gained nearly 40% over the past week, expanding its powerful upward momentum.
Since the beginning of September, tokens have been trading within ascending parallel channels, reflecting sustained buy-side pressure. Bullish dominant climbing makes the pump appear poised to grow further in the short term.
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Stable Purchase Pressure Lift Pump
Pump’s one-day chart measurements show that they have been trending within rising parallel channels since August 29th. This channel appears when prices consistently create high and high prices within two parallel trend lines.
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It reflects the pump market dominated by stable buying pressure, with sellers hoping to accumulate at a higher level while gradually pushing out.
Technical indicators further strengthen this outlook. On daily charts, the pump trades beyond its parabolic stop and inverse (SAR).
Parabolic SAR indicators identify directions and reversals of potential trends in assets. When dots fall below prices, the market is on the upward trend. Asset prices are rising, indicating that the rally could continue.
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Additionally, the Pump’s Smart Money Index (SMI) is higher, showing strong support from key owners. It is currently at a height of 1.0005.
SMI tracks the behavior of institutional investors or experienced traders by comparing afternoon purchases driven by facilities with morning sales often led by retailers.
The rising SMI shows accumulation through smart money ahead of a major price movement. In the case of the pump, the rise in SMI suggests that keychains support the rally and support bullish prospects.
Pump Bulls target $0.006882 as Rally gains strength
These signals suggest that the current gathering of pumps is supported by significant intensity, increasing the likelihood of further growth in future sessions. In this scenario, Altcoin can expand its profits towards an all-time high of $0.006882.
However, if you soak in purchasing pressure, it could drop to $0.005117.
