Pump.fun’s [PUMP] weekly fees have broken $12 million, and the 30-day cumulative fees have reached $60 million, a new all-time high for the memecoin launchpad on Solana.
Yet, PUMP was down 5.19% in the past 24 hours and 19.7% over the past week. The token has followed the wider crypto trend after Bitcoin [BTC] was forced to pull back from $87k toward $81k.
In the short term, the sentiment was strongly bearish. PUMP’s Open Interest has declined nearly 10% in 24 hours alongside the price dip, and the Spot CVD has also been falling over the past week.
The Funding Rates were also negative, showing that the majority of market participants believed in a bearish price trajectory in the short term. These indicators reflected steady selling pressure in the Spot and perpetuals markets.
Though short-term sentiment was bearish , it was only part of a pullback within a longer-term uptrend.
The CMF, which had shown strong capital inflows when PUMP prices moved toward the $0.0068 local highs, has since fallen into neutral territory as the altcoin’s correction deepened.
So did the MACD, which was on the verge of forming a bearish crossover with the zero line to indicate a bearish momentum shift.
While the indicators leaned bearishly, the 1-day price structure of the altcoin remained bullish. At the time of writing, the current downturn could see buyers step in at the 78.6% Fibonacci retracement level at $0.00413.
The 1-month lookback period liquidation heatmap highlighted a dense cluster of long liquidations around $0.0042, just above the 78.6% retracement level.
It is highly likely that this magnetic zone pulls prices lower before a recovery. Therefore, traders can wait for a sweep of this liquidity pocket to buy.