PUMP has recently shown a strong upward momentum, with interesting signals emerging from both technical and capital perspectives. Let's take a closer look at the recent movements of this coin.

From a technical standpoint, PUMP has increased by over 4.40% in the past 24 hours, supported by a relatively strong bullish alignment—EMA indicators are showing a bullish trend, and the MACD histogram continues to rise, indicating that buying pressure is still flowing in. If I had to describe it with one word, it would be that the upward momentum is quite solid.

The capital side is even more intriguing. On-chain data shows that several large whales have been quietly accumulating recently. One whale holds 11.64 million tokens, while another has increased their long position by 32 million tokens. Such actions by major holders often suggest optimism about the future market outlook. Additionally, an entity executed a strategic buyback of 50 million PUMP tokens, directly reducing the circulating supply by 4.261% (about 15 billion tokens). This behavior is usually aimed at stabilizing the price.

However, everything has its flip side. The RSI indicator is currently at 70.59, entering the overbought zone, which historically often signals a short-term price correction. More concerning is that past buyback strategies have not effectively prevented sharp declines—over the past 90 days, PUMP's price has fallen by more than 60%, indicating that simple buyback operations may not be enough to support the price.

Additionally, recent volatility has increased, with ATR expanding, reflecting frequent shifts between sharp price rises and intraday drops, making the market somewhat restless.

Overall, PUMP is in an interesting but somewhat conflicted position—bullish signals are present, but the risk of overbought conditions is also evident. At such times, it comes down to weighing risk versus reward and your own judgment of the market's future direction.