PUMP price may be on the brink of a major rally, potentially targeting $0.008, buoyed by its recent listing on HTX and ongoing buybacks funded by revenue generated from Pump.fun.
Summary
- PUMP price faces strong resistance around $0.00655, marked by the 0.382 Fib, SMA 20, and prior horizontal highs; a breakout could target $0.00743 and $0.00811.
- Aggressive daily buybacks since mid-July, including the latest on Sept. 21 (8,302.6 SOL for 278.5M PUMP), are supporting PUMP price action.
After a clean breakout from a multi-week downtrend—marked by a breached descending trendline that had capped price action since mid-September—and boosted by the recent HTX listing, Pump.fun (PUMP) price is extending its rally today, now coming up to test a critical resistance zone on the 4-hour chart.
This resistance is marked by a confluence of several key technical levels, including the 0.382 Fib, SMA 20, and a horizontal resistance zone that previously acted as a ceiling during the mid-September rally. This makes this level a very strong barrier, but also a potential launchpad for a major rally if bulls can flip it into support.
Looking ahead, a breakout and 4-hour close above this resistance zone — currently around $0.00655 — could open the door for a move toward the 0.618 Fib at $0.00743, followed by the 0.786 level near $0.00811, which also aligns with the mid-September highs.
However, a failure to break through this zone could potentially lead to consolidation below it or even a drop back below the broken trendline, which would raise the risk of the downtrend resuming.
What’s driving PUMP price?
Beyond exchange listings, PUMP price action is driven by the project’s aggressive buyback program, which launched in July. Since July 15, Pump.fun has been consistently repurchasing PUMP tokens almost every day, regardless of market price, using revenue generated from the platform to fund these buybacks. The latest buyback occurred on Sept. 21, when the platform spent 8,302.6 SOL to repurchase 278.5 million PUMP tokens.
Additionally, Pump.fun continues to dominate the Solana (SOL) memecoin launchpad space. In the week ending late September, the platform generated $9.65 million, leading all Solana-based DApps for the eighth consecutive week. Higher revenue means more funds available for token buybacks, which in turn can further boost PUMP price.