Recently, the decline of $PUMP has been quite interesting. The drop reached 8.77%. At first glance, it might seem like a dump, but a closer look at the market details tells a different story.

Trading volume has increased to 168 million, which usually indicates what? Generally, a decline accompanied by high trading volume could mean a sell-off to distribute holdings. But the key here is that the open interest remains high. What does this imply? It suggests that market participants are actively rotating positions rather than panicking and selling off. Those long positions that were trapped are closing, and new buy orders are quietly coming in—classic accumulation by the main players.

From the price action perspective, the selling pressure has been largely absorbed. On the hourly chart, clear buy support levels are forming. If the price can hold within the current range and establish a solid bottom structure, the momentum for a rebound could be quite rapid.

This pattern resembles a healthy reset after a long liquidation, building up strength for the subsequent rebound. The market logic is like this—combine it with open interest data, don’t just look at the price.

If you're interested in this direction, the reference range is between 0.00270 and 0.00275, with a stop-loss at 0.00255. The initial target is 0.00300, followed by 0.00330.