After crashing post-launch, PUMP rebounded 41%, as trading is set to begin on Binance U.S.
Active addresses hit a record 18,900, showing rising adoption while the funding rate is positive.
Trading in an ascending channel with a bullish crossover, PUMP’s price could test $0.0069.
The Pump.fun (PUMP) token extended its rally today after Binance U.S. confirmed it will begin trading later in the day.
PUMP’s journey has been anything but smooth. Just days after launch, the token plunged to a record low.
However, since then, it has clawed its way back, gaining 41% in the past week and reaching a two-month high.
In this analysis, CCN breaks down the factors driving PUMP’s rebound and explores what could come next for its price.
Pump.fun Rally Continues
After struggling through August with multiple failed breakout attempts, PUMP has found new momentum in September.
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The token has climbed from $0.0034 to $0.0054 so far this month, with most of the gains coming in recent days. Today’s confirmation that Binance.US will list PUMP appears to have sealed the rally.
According to the exchange, deposits are now open, and trading for the PUMP/USDT pair will officially begin on Sept. 10 at 7 a.m. EDT.
Rally Backed by On-Chain Growth
Following the Binance.US listing announcement, on-chain data reveals that active addresses on PUMP have climbed to a new all-time high of 18,900.
Rising active addresses indicate growing network participation and user adoption.
From a market perspective, this uptick can bullishly impact the price. Higher participation typically means stronger demand, deeper trading activity, and reduced vulnerability to volatility from a few large holders.
Combined with the exchange listing, the surge in active addresses signals that PUMP’s price rally may be backed by more than short-term hype.
Besides that, PUMP’s funding rate has stayed positive. This means traders holding long positions pay a premium to keep their positions open, effectively rewarding those betting on further upside.
A positive funding rate amid a price rally usually signals strong bullish sentiment in the derivatives market. It shows that demand for long exposure outweighs short interest, reinforcing the upward momentum.
However, it can also serve as a double-edged sword. While it confirms bullish conviction, persistently high funding rates may increase the risk of long squeezes if momentum shifts.
For now, though, the positive rate adds weight to the idea that confident long-side traders support PUMP’s price increase.
From a technical standpoint, the daily chart shows PUMP’s price trading within an ascending channel, which signals a sustained uptrend as long as support holds.
At the same time, the Moving Average Convergence Divergence (MACD) has maintained a bullish crossover, reinforcing the strength of the current rally.
A steady MACD crossover suggests that momentum remains in favor of the bulls, giving PUMP a solid technical foundation to extend its gains.
If the trend remains unchanged, PUMP might breach the resistance at $0.0059. This could drive the token to an all-time high of $0.0069 if validated.
If the broader market condition gets highly bullish, PUMP could rise to $0.0098. However, increased profit-taking could invalidate this bias, possibly driving the token to $0.0040.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
