The PUMP token recorded a strong increase of over 10% during the past 24 hours, supported by high activity on the Pump.fun platform, increased platform usage, and a shift of capital toward memecoins.
This rally came amid a notable increase in trading volume on the network by 8.89%, reaching $179.28 million. The Altcoin Season Index also hit 49, indicating a rise in risk appetite in the cryptocurrency markets.
### Network activity boosts bullish momentum
The current rise is happening amid a significant increase in the launch of new tokens on the Pump.fun platform, which boosts platform usage and increases demand within its ecosystem. This momentum may continue to support the PUMP price if capital flows through the platform continue.
The Holder Rewards program adds extra buy pressure, as it encourages users to hold the token. Since the program started on September 12, network revenues have recorded substantial gains.
According to the latest data, revenue for Pump.fun token holders and the number of active addresses have risen significantly. In just the last 24 hours, network revenue reached $761K, while the number of active addresses increased to 86K.
### Can PUMP break above the $0.005 level?
On the daily chart, the PUMP token is now approaching its local peak at $0.005, making this level an important test for the continuation of the recovery. The token is currently trading above all major exponential moving averages (EMAs), indicating that buyers and holders remain in control of the market.
A sustained breakout above the resistance level at $0.005 could strengthen the bullish structure and open the door to additional gains. If the token fails to break above this level, it may see profit-taking, especially after rising by 10% in one day.
For now, rising trading volume, increased Pump.fun platform activity, and improving appetite for meme coins are supporting the current recovery in the PUMP price.
### Quick summary
- PUMP rose by 10% thanks to increased activity on Pump.fun and inflows of capital into meme coins.
- The recovery may extend if the token breaks above $0.005, while rejection at this level could lead to short-term profit-taking.