‘Hated Rally’ Coming? Pump.Fun (PUMP) Soars 30% From Lows Amid Token Buybacks

Pump.fun (PUMP) has surged nearly 30% to a key resistance level after hitting a new low two days ago. An analyst suggests that the bottom may be in, and a recovery rally is underway. PUMP launched on July 14 and initially surged 70% from its ICO price of $0.0040, but selling pressure and disappointing updates about the token airdrop halted the fun. The token fell below its ICO price and continued to nosedive, hitting an all-time low of $0.0022 on July 29. However, PUMP has been ranging between the $0.0024-$0.0029 area during the past week, attempting to break above this range three times. Over the past two days, Pump.fun has broken above the $0.0030 resistance for the first time in a week, surging 12% on Thursday to hit a weekly high of $0.0032. Crypto analyst Altcoin Sherpa suggests that PUMP has shown "some great strong moves lately" and a breakout and "hated rally" could be coming soon. The recent recovery appears to be partially driven by the platform's buyback program and whales' renewed interest in the token. A large-scale investor purchased $3.16 million worth of tokens on Thursday, and a whale spent 17,542 SOL to buy $1.06B of $PUMP at $0.00297. Pump.fun has transferred 12,000 SOL, around $2.16 million, to its buyback address on July 30, as part of its repurchase initiative.