Pumpfun (PUMP) price prediction: multiple technical indicators bullish, weekly rise of 40% or challenging historical high

In the past week, the price of the native token PUMP from the Meme coin issuance platform Pumpfun in the Solana ecosystem has risen by nearly 40%, continuing its strong upward momentum. Technical analysis shows that PUMP is currently in an ascending parallel channel, and "smart money" is actively building a position, indicating that the token is likely to rise further in the short term and may even retest its historical highs.

PUMP Price Strongly Rises, Multiple Technical Indicators Are Optimistic

Since August 29, the price trend of PUMP has formed an "ascending parallel channel" pattern. This pattern is composed of two upward-sloping parallel trend lines, indicating that the price continues to establish higher lows and higher highs. This reflects the dominant stable buying pressure in the market, with traders willing to accumulate continuously at higher levels, while sellers are gradually being squeezed out of the market.

In addition, other technical indicators also support this bullish view:

Parabolic SAR: The points of this indicator are located below the price, which is a clear signal of an upward trend, indicating that demand continues to exceed selling pressure, and the rise may continue.

Smart Money Index (SMI): The SMI for PUMP is rising, currently reaching a two-month high of 1.0005. This indicator aims to track the behavior of institutional investors or experienced traders. The rise in SMI indicates that "smart money" is accumulating for significant price changes in the future, providing strong support for the rise of PUMP.

Price Outlook: Key Levels in the Bull-Bear Battle

Based on the above technical signals, the current rise of PUMP is strongly supported, and there is a high possibility of further increase in the coming trading days.

Bullish target: In this scenario, PUMP is expected to extend its rise to its historical high of $0.006882.

Key support: However, if buying pressure weakens, the price may pull back to 0.005117 USD, which will be a key support level that bulls need to defend.

Conclusion

The recent price performance of PUMP is not solely driven by market sentiment; strong technical indicators and the accumulation behavior of smart money support it. This indicates that the market holds an optimistic view of the long-term prospects of the token. For traders, while the overall outlook is bullish, closely monitoring the support level of 0.005117 dollars is crucial, as falling below this level could weaken the current upward momentum and trigger a correction.