Pumps, a native token powered by Solana-based Memecoin Launchpad Pump.fun, have skyrocketed almost 25% over the past 24 hours.
Altcoin briefly touched on the all-time high of $0.008456 earlier today, highlighting the intensity of the rally. With the bullish bias in climbing, Pump appears poised to register more profits as traders enter the new week.
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Pump gathering backed by explosive market interest
Pump double-digit gatherings have seen an increase in daily trading volume of tokens. According to santiment, this is over $1.16 billion, an increase of 132% over the past 24 hours. This highlights the interest of Altcoin’s growing market.
A surge in asset prices and trading volumes will mark strong convictions among market participants. Therefore, pairing with a double-digit rally on the pump and a spike of 132% of the daily volume indicates that buyers are actively entering the market.
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This trend often reflects true demand and could drive even more upward momentum in future sessions.
Additionally, measurements from momentum indicators observed on the Pump/USD one-day chart support this bullish outlook. For example, its AROON UP is 100%, confirming the strength of the rally.
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The AROON indicator identifies the intensity and orientation of the trend by measuring the time that has passed since the most recent high and low values.
Registering Aron Up Line at 100% indicates that a new high has just been set, indicating that bullish trends are in the most powerful reading possible. This indicates that pump buyers are well controlled, indicating that upward momentum is likely to last in the short term.
Will the pump retake the ATH or slip towards the support?
At Press Time, Altcoin trades at $0.007803 and hovers just below the new price peak of $0.008456. As buy-side pressure increases, pumps could try to regain this price peak and rally beyond that.
However, an increase in profitable activity could negate this bullish outlook. Once Selloffs resumes, the pump could fall to reverse the current uptrend and support at $0.007131.
