Ah, March! A month of drama, where PUMP, our intrepid altcoin, took a nosedive of 17% since the 18th. One might say it’s been a bit of a rollercoaster, though the coaster seems to have taken a detour into the abyss.
The long-term holders, those steadfast souls, have been selling nonstop since late February. One might wonder if they’ve ever taken a break, but alas, the momentum has turned, and the peak is now a distant memory.
PUMP’s Biggest Holders Trigger Concern
Glassnode’s data reveals an unbroken streak of red bars from February 28 to March 22. No green bar in sight-no accumulation, just a relentless sell-off. How very… corporate.
The outflows? A daily spectacle ranging from 9.5 to 14.8 billion PUMP. The steepest plunge? A mere 14.8 billion tokens on March 18-19. One might call it a day of reckoning.
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This pattern confirms that those who bought high are now distributing into every recovery. The March 14 token unlock, a mere $19 million, added to the chaos, accelerating the distribution with the grace of a drunk diplomat.
PUMP Buying Pressure Fails To Sustain
Despite the relentless selling, the MFI made a valiant recovery. From 23 in mid-February, it soared to 76 by March 10-11-touching the overbought threshold with the poise of a seasoned performer.
But alas, the MFI has since reversed. Now at 47.36, it’s a neutral but declining number. A secondary peak of 62 on March 17-how fleeting.
Lower highs on both MFI and price-a classic sign of weakening demand. A drop below 40? A disaster, my dear, a disaster.
PUMP Price’s Floor To Watch
The daily chart reveals PUMP beneath a descending trendline since February 13. Every rally is capped, like a poorly behaved child. The March 17-22 zone? A haven for sellers, I’m afraid.
The measured move of -17.39% has hit its target of $0.001782. How precise, how… predictable.
A sustained break below $0.001780 would expose the next floor at $0.001690. A further 5.7% lower-how thrilling.
To turn bullish, PUMP needs to break above $0.002140. But with platform revenue in freefall, the fundamentals are less than stellar. The all-clear? Only if the trendline breaks with volume. A hopeful dream, perhaps, but let’s not get too optimistic.
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2026-03-23 04:38