PUMP reaches a new peak as daily trading volume exceeds 1 billion USD

The native TOKEN PUMP, used to operate the platform for launching the memecoin Pump.fun on Solana, has increased by nearly 25% in the past 24 hours.

During the day, this altcoin reached an ATH of $0.008456, showing the strong heat of the price surge. With the trend tilted heavily towards the buyers, PUMP seems ready to record further gains as the market enters a new week.

The upward trend of PUMP is supported by explosive demand

The double-digit growth of PUMP is accompanied by an increase in the daily trading volume of this token. According to Santiment, this figure has exceeded 1.16 billion USD, up 132% in the past 24 hours. This indicates the market's interest in the altcoin.

When the price and trading volume of an asset spike, it signals strong confidence from market participants. Therefore, a double-digit PUMP accompanied by a surge in volume indicates that buyers are flocking in, reinforcing the short-term bullish outlook.

PUMP Price/Trading Volume | Source: SantimentThis trend often reflects actual demand and can drive price increases in upcoming trading sessions.

Technical indicators are also supporting this trend. On the PUMP/USD daily chart, the Aroon Up indicator is at 100%, confirming the strength of the uptrend.

Aroon Up Line of PUMP | Source: TradingViewThe Aroon indicator determines the strength and direction of a trend by measuring the time since the most recent peak or trough.

When Aroon Up reaches 100%, it signals that a new peak has just been established and the uptrend is at its strongest level, indicating that the buyers completely control the market, suggesting that the price increase may continue in the near future.

Will PUMP regain its ATH or slide back to support levels?

At the current time, this altcoin is trading around $0.007825, hovering just below the new peak of $0.008456. If buying pressure increases, PUMP may reclaim this peak and attempt to surpass it.

Technical Analysis PUMP | Source: TradingViewHowever, the increase in profit-taking activity may undermine the growth outlook. If the sell-off continues, PUMP may reverse the current uptrend and drop to the support level of $0.007131.

Vincent