- PUMP price rose 8.42% in 24 hours after falling to $0.002563 earlier in the day.
- Weekly drop of 4% brought PUMP near key support with heavy volume traded.
- Analyst says current level may hold due to high volume node on the chart.
PUMP Gains 8% After Testing Key Support Level
PUMP saw a price recovery over the last 24 hours, gaining 8.42% to reach $0.002756. This comes after the token dropped to a daily low of $0.002563. The bounce followed a week where the token fell 4%, pulling it back toward levels considered as support by analysts and traders.
The decline to broader weakness in the Solana memecoin space. Profit-taking and volatility have been observed in recent weeks, affecting other tokens in the ecosystem. Still, PUMP’s bounce is attracting attention, especially due to the high trading volume observed at its current price range.
Analyst Cautions Against Shorting at Current Price
Altcoin Sherpa, a widely followed crypto analyst, commented on the current price action. In a post with a shared chart, he warned that this is not a good area to short.
He said, “Price is sitting on a high volume node,” explaining that this area has historically provided support. Charts shared by the analyst show consistent activity around the $0.0025–$0.0027 range.
This trading volume often signals that many positions have been opened at this level. According to Sherpa, this increases the chance of a bounce rather than further decline.
He added that despite the recent slide, the project itself appears stable based on current trading patterns. However, he advised caution when betting against the token during such movements.
Market Sentiment Remains Mixed Despite Recovery
The weekly performance of PUMP has not fully reversed its losses, but the recent recovery suggests some buyer interest remains. After reaching all-time highs in September and attracting billions in volume, PUMP has faced difficulty regaining that momentum.
Solana memecoins overall have shown weaker price action as traders secure profits amid broader crypto market uncertainty. With volatility still high, a close look at key support and resistance levels will determine signs of the next move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
