The PUMP token witnessed a sharp decline of 23%, erasing gains made after reaching its recent peak at $0.006899. This significant price drop is largely attributed to profit-taking activities by major token holders, commonly referred to as ‘whales’.
Data reveals that the top wallets collectively cashed out profits exceeding $17 million. Among them, a single holder, identified as Wallet CxSZ84Ui, realized substantial gains of $1.79 million. This large-scale selling pressure contributed heavily to the token’s depreciation and resulted in the top 10 holders significantly reducing their total PUMP holdings.
Technical indicators further darken the outlook. The breach below the critical support level of $0.005294 and a bearish signal from the Supertrend indicator point to heightened risk of continued price declines.
Market analysts warn that if the current support at $0.005294 fails to hold, the token could experience deeper losses. Conversely, a decisive recovery above $0.00628 is viewed as a potential trigger for market stabilization.
Investors are strongly advised to monitor these key support and resistance thresholds closely for indications of whether the decline will reassert momentum or begin to stabilize.