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Pump.fun (PUMP) extended its rally on October 4, climbing 15% to around $0.006369 as major whale transactions and rising derivatives activity fueled interest in the token.
PUMP’s market capitalization reached approximately $2.95 billion, placing it 35th among cryptocurrencies by market value. The token significantly outperformed the broader crypto market, which gained about 0.77%, lifting total cryptocurrency market capitalization to roughly $2.9 trillion.
Bitcoin remained above $85,000 during the broader recovery, while Ethereum advanced to $2,699 and XRP traded near $1.50. PUMP liquidations totaled about $390,000, with short traders absorbing most of the losses as prices moved higher.
Whale accumulation emerged as a key focus after wallet “netherlol” acquired 383.34 million PUMP tokens valued at roughly $2.4 million. According to Lookonchain, it was the wallet’s first PUMP purchase in more than a year.
Meanwhile, a newly created wallet identified as GnZqfY withdrew 189.22 million PUMP, worth approximately $1.18 million, from MEXC. Combined, the two wallets moved 572.56 million tokens valued at about $3.58 million. However, the transfers alone do not confirm what triggered PUMP’s rally.
Derivatives activity also increased sharply. PUMP trading volume rose 3.64% to $1.08 billion, while open interest surged 25.77% to $669.62 million. Higher open interest indicates growing outstanding derivatives positions but does not necessarily show whether traders are predominantly bullish or bearish.
Technical indicators showed PUMP maintaining momentum inside an ascending channel on the four-hour chart. The relative strength index stood at 65.77, remaining below the commonly watched overbought threshold of 70. The MACD line at 0.000241 was above its 0.000189 signal line, while the histogram turned positive.
PUMP’s next major resistance sits near $0.007, roughly 10% above recent levels. However, rejection around $0.00655 could send the token back toward $0.006 support. A breakdown below that zone and the rising channel could weaken the bullish structure and expose the $0.0055 region.
