Pump.fun’s native token, PUMP, surged 18% following the platform’s strategic buyback initiative. The gains are attributed to Pump.fun allocating 100% of its daily platform fees, reportedly around $2.16 million on the key transaction date, specifically for repurchasing PUMP tokens in the market.
Meanwhile, Bitcoin continues consolidating between $117,000 and $118,000. Technical indicators present a mixed outlook: its Relative Strength Index (RSI) at 60 and Average Directional Index (ADX) at 22 suggest no prevailing trend currently dominates, though potential for a decisive breakout remains. Significant support levels are identified at $115,000 and $112,000, while resistance is expected near $120,000 and the all-time high of $123,171.
PUMP’s technicals also show recovery signs after a previous 62% decline. Its RSI reading of 57.09 and ADX of 19 indicate potential for further upward movement following the aggressive buyback-driven pump.
The broader cryptocurrency market maintains stability with a total capitalization holding at $3.87 trillion. Market sentiment is influenced by the Federal Reserve maintaining current interest rates and increased regulatory clarity stemming from the recently passed regulatory framework, the GENIUS Act.