Pump.fun (PUMP) maintained critical support near $0.00135 after a massive transfer of 1.69 billion tokens worth approximately $2.31 million to Binance, raising concerns about potential selling pressure. Despite the large deposit, the token's price held steady, with derivative markets showing a mixed picture of bearish positioning among top traders but positive funding rates indicating broader bullish conviction.
Bearish positioning persists despite support defense
Data from Binance showed that the Top Trader Long/Short Ratio stood at 0.80 as of press time, with 55.52% of top trader accounts holding short positions and only 44.48% long. This bearish imbalance reflected lingering skepticism about PUMP's ability to sustain a recovery. However, buyers successfully defended the $0.00135 support level, suggesting that sellers have not fully regained control. If short exposure continues to build while price remains resilient, traders could face increased liquidation risk should resistance levels break.
Double-bottom pattern points to key resistance
PUMP's daily chart revealed a developing double-bottom formation near the $0.00135 support, following two successful defenses of that zone. The price rebounded and approached the $0.00158 resistance area, which serves as the neckline of the pattern. The Relative Strength Index (RSI) recovered from oversold conditions to 43.16, with its moving average at 42.54, reflecting improving buying interest. A decisive move above $0.00158 could strengthen the bullish structure and target $0.00188 as the next resistance. Conversely, rejection beneath that barrier could keep PUMP range-bound and increase the likelihood of another test at $0.00135.
Funding rates hint at bullish conviction
The OI-Weighted Funding Rate remained positive at 0.0047% despite the dominance of short accounts among top traders. This divergence indicates that leveraged participants overall are still paying a premium to maintain long exposure, suggesting broader bullish sentiment. Such mixed signals often emerge during transitional phases when market participants disagree on direction. If positive funding persists and buyers reclaim nearby resistance, bullish sentiment could strengthen. However, if exchange-related selling pressure intensifies, funding rates may weaken as traders reduce long exposure.