Gate News, March 23 — Pump.Fun (PUMP) has fallen approximately 17% since March 18, reflecting ongoing selling pressure. Glassnode data shows that from February 28 to March 22, long-term holders net daily outflows of PUMP tokens ranged between 9.5 billion and 14.8 billion, with almost no days of net accumulation. The token unlock on March 14 added approximately $19.07 million in new supply, intensifying selling pressure.
The Money Flow Index (MFI) briefly rose into the overbought zone in early March but then steadily declined to 47.36, indicating weak buying momentum. If this indicator drops below 40, capital outflows are likely to dominate, increasing the risk of further price declines. The daily chart shows that since February 13, PUMP has been under downward trendline resistance, with current resistance around $0.002140. Recent distribution has occurred between $0.001860 and $0.002160. If the price breaks below the support at $0.001780, the next key bottom could be near $0.001690, representing a potential 5.7% decline.
To reverse the trend, PUMP must break above and close above the descending trendline, accompanied by a significant increase in trading volume. Considering that Pump.Fun’s daily revenue has been declining since its January 2025 peak, the fundamentals are still insufficient to support a sustained recovery. Short-term buying interest remains limited. Analysts recommend monitoring support and resistance levels, as well as the selling behavior of long-term holders, to assess whether a stabilization is possible.
Overall, PUMP is likely to face downward pressure before the end of March. Investors should carefully evaluate short-term risks and watch for volume changes and trendline breakthroughs to identify potential buying opportunities.
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