PUMP Token Surges Over 17% on Airdrop Hype and Technical Breakout

PUMP, the native token of Pump.fun, has rallied significantly, with its price increasing over 17% in the past 24 hours to trade around $0.00442. This surge is fueled by speculation around a potential airdrop and upcoming token unlocks, coupled with strong technical and on-chain signals.

According to data, trading volume for PUMP spiked 60% to $336 million, reflecting heightened market demand. Token buybacks by the project have also risen, with $1.3 million spent recently, marking a 53% increase over the past 30 days and repurchasing 335.1 million tokens to reduce circulating supply. On-chain activity shows 1.3 million Launchpad Transactions, with wallet growth including 57,000 recurring and 28,000 new wallets, indicating robust network participation.

Technically, PUMP has broken out of a descending channel and is forming a W-pattern, a reliable reversal signal. The price is testing resistance near $0.0045, with potential targets at $0.0078 (a 75% increase) if the breakout holds. However, a token unlock of 2 billion PUMP tokens worth approximately $9.2 million is scheduled for November 12, which could introduce selling pressure if demand wanes.

Hype around a rumored airdrop, sparked by social media hints from figures like Meta Gorgonite, has added to the bullish sentiment. If the airdrop materializes, it could drive prices toward October highs, but failure to sustain momentum may lead to a pullback to $0.0040.