A wallet that had been dormant for nearly five months recently transferred 742.3 million PUMPs to Binance, estimated to be worth approximately $1.59 million according to the article. This large transfer quickly attracted market attention because inflows into exchanges typically increase the number of tokens available for sale, and short-term sentiment is more easily influenced.
However, this address has not completely exited the market. On-chain information shows that the wallet still holds approximately 3.48 million PUMPs, worth about $7.36 million. This suggests that this operation is more like a position adjustment than a one-time liquidation.
Overall net outflow continues
CoinGlass data shows that PUMP saw a net outflow of approximately $1.28 million that day, indicating that more tokens flowed out of exchanges than into them. In other words, despite whales transferring tokens to Binance, there was no unified, concentrated sell-off in the market.
Typically, net outflows from exchanges indicate that some holders are more inclined to self-manage or continue holding their shares for a longer period. This change helps reduce the amount of shares available for short-term sale, providing some support for prices.
The price is approaching the $0.00220 resistance level.
As seen in the chart cited in the article, PUMP is currently trading below the supply zone around $0.00220. The price previously broke out of a symmetrical triangle consolidation pattern and subsequently climbed back above $0.00201, indicating a short-term rebound in buying pressure.
Meanwhile, the RSI rose to around 64, indicating that bullish momentum has strengthened, but it has not yet entered an extremely overheated range. The market is currently more focused on whether the price can hold the support level around $0.002012 after a pullback.
The upper liquidation zone is concentrated between $0.00225 and $0.00230.
Binance's liquidation heatmap shows a significant concentration of short liquidation positions in the $0.00225 to $0.00230 range, which is currently above the price. If the price continues to rise, this could trigger further short covering, amplifying volatility.
However, liquidation zones often coincide with resistance levels. If selling pressure strengthens again in this range, prices could still pull back near resistance. The key for short-term movement remains whether support around $0.00201 can hold and continue testing the supply zone.
