A whale has placed a $6 million leveraged long bet on Pump.fun's PUMP token, according to Lookonchain, with a 10x leverage on 1.94 billion PUMP. The position has already generated approximately $246,000 in unrealized profit. PUMP's price has risen 8.51% in 24 hours to trade near $0.003017.
The whale's liquidation price is set at $0.002852, which could put pressure on the bulls if the price corrects. However, continued strength above this threshold would preserve the whale's exposure and maintain buying confidence.
Exchange flows have added to the bullish sentiment, with a $739.56K spot outflow indicating more tokens have left exchanges than entered them. This reduction in exchange availability has limited potential selling pressure and supported the whale's position.
Price Action
On the daily timeframe chart, PUMP's price action has maintained an upward channel movement, pushing into $0.003128 resistance. The Relative Strength Index (RSI) has reached 67.66, indicating stronger buying territory. A sustainable move through the $0.003128 level could reinforce the channel and open the way to higher prices.
Liquidation Positioning
Liquidation positioning has added another bullish factor, with liquidity heavily skewed to the upside of PUMP's current market price. The Liquidation Heatmap shows significant liquidations around $0.00300 and close to $0.003150, which could draw prices toward these upper concentrations as leveraged positions face increasing pressure.
