PUMP Price Prediction: The top two Whales transferred $160 million Tokens, revealing a falling wedge "bearish" pressure increased.

The PumpFun (PUMP) token sale frenzy shifted from a peak to a pullback in just 10 days. Today (23), the Asian early trading report shows a price of 0.003663 USD, with a single-day fall of over 8%. The top two whale addresses holding PUMP tokens transferred 30 billion tokens to the exchange platform on the same day, valued at approximately 160 million USD, which strongly undermined market confidence.

PUMP was issued by PumpFun on the Solana blockchain, raising approximately $600 million during the ICO period. The largest investor spent $100 million USDC to acquire 25 billion Tokens, while the second largest investor invested $50 million to obtain 12.5 billion. The highly concentrated chip structure was seen as a "strong endorsement" while the enthusiasm was still high, but it also laid the groundwork for subsequent selling pressure.

To protect the market, PumpFun has launched a buyback plan to repurchase Tokens using platform transaction fees. In the past, approximately 1.18351 billion SOL (about 19.26 million USD) has been used, with an average buyback price of 0.0064 USD for 2.99 billion PUMP. The coin price once surged by 20%, reaching 0.00681 USD, leaving the market with the impression that the project party will protect the market.

The top two Whales transferred 160 million USD Token

On Tuesday, the largest holding address of PUMP transferred 17 billion PUMP to the exchange via FalconX, worth approximately 89.5 million USD, with 8 billion PUMP remaining, valued at approximately 29.58 million USD.

The second largest address holding coins has transferred all 12.5 billion coins to the exchange, worth approximately 71.37 million USD. Lookonchain's on-chain tracking shows that another 864 million Tokens (about 4.81 million USD) flowed into the CEX, and 13 billion (about 72.90 million USD) were sent to other platforms; the address still holds over 12 billion (more than 51 million USD), indicating that selling pressure has not yet subsided.

(Source: Lookonchain)

The large-scale selling by holders is not an isolated incident. According to reports from cryptocurrency media, several insiders related to early private placements sold approximately 25.5 billion Tokens during the same period, worth around 141 million USD, realizing a profit of about 39 million USD. The synchronized actions of the Whale and insiders made the repurchase fund seem like a drop in the bucket.

Bearish pressure intensifies, bulls wait

It is worth noting that the recent fall of PUMP is similar to the trend from July 14 to 16, when the price dropped by more than 40%. The current trend indicates that sellers still dominate. Unless PUMP recovers the region between 0.004035 and 0.004061, the trend will continue to lean towards the downside. This range currently constitutes a resistance level.

In contrast to the bearish scenario, another analyst Captain Faibik shared a different chart. Their viewpoint indicates that a bullish "PO3" pattern has appeared on the 1-hour chart, along with a descending wedge. Once these structures are confirmed, they typically lead to a price increase.

The chart below outlines the transition of Bitcoin's price from accumulation to manipulation, currently hovering on the edge of a potential distribution area. According to Faibik's prediction, if the wedge breaks upward, the price could rise by as much as 50%.

(Source: Trading View)