PUMP’s Recent Performance

The cryptocurrency market has recently experienced a sharp decline, impacting digital assets including PUMP. The token of the Solana-based memecoin launchpad, Pump.fun, is facing significant selling pressure. After peaking at $0.0067 on July 15, the price has plummeted by 56%. On the first day alone, 33% of the total supply was released, allowing early investors to sell quickly and triggering this downward spiral.

PUMP/USDT
Source: TradingView

The recent market weakness has caused Ethereum to drop, triggering $190 million in liquidations in 24 hours, negatively impacting prices. Additionally, co-founder Alon Cohen announced that no airdrop distribution is planned in the short term. This news has decreased investor confidence, with several major holders already selling their tokens.

Key Levels to Watch on PUMP

Technical analysis shows a significant void following the July 23 drop and a bearish market structure. Key resistance is located between $0.0034 and $0.0038. Indicators confirm strong downward pressure in the short term. With massive selling and the absence of an airdrop distribution, prices could fall by up to 27% more. Caution is advised before investing.

PUMP/USDT
Source: TradingView

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