Pump.fun (PUMP) is currently testing a key support zone, which could be crucial in determining its future price action, as it has been forced back into a key accumulation zone due to recent selling pressure.

At the time of writing, Pump.fun (PUMP) is trading at $0.002046, down 5.33% over the last 24 hours, according to CoinMarketCap data.

The token recorded a daily trading volume of $175.59 million and a market capitalization of approximately $705.06 million, reflecting heightened volatility across the broader crypto market.

PUMP Secures Crucial Support Level

On February 9, 2026, crypto analyst Crypto Patel shared an updated technical analysis that indicated PUMP could be ready for substantial price gains if its higher time frame base continues to hold.

Patel indicated that PUMP is currently trading in a broader accumulation range following the long-term formation of a descending wedge chart pattern.

From Patel’s analysis, there is a breakout of the multi-month descending wedge on Jan 13, 2026. Then, the price retraced to the range of $0.0025-$0.0017 before returning to the higher timeframe demand zone above the $0.0015 support area, which investors believe to be an accumulation area.

Crypto Patel will remain bullish as long as Pump.fun (PUMP) remains above $0.0015. In that case, price targets such as $0.00504, $0.00867, $0.01500, and $0.02297 may be achieved. However, a strong break and hold above $0.0030 will be a good sign of momentum and renewed interest from investors.

According to Patel, if the key support holds, PUMP may have as much as 1,500% upside potential. If the stock closes above $0.0015 on a higher time frame, it will weaken the reversal argument.

Also Read | Solana (SOL) Faces Pressure as ETF Outflows Hit $11.86M 

Pump.fun Weekly Momentum Still Weak

Although long-term prospects are positive, weekly charts indicate low momentum. RSI levels are at 42, which is lower than 50. PUMP also remains lower than its moving average ribbon and is facing resistance at $0.0031. If it remains lower and closer to $0.0020, it’s biased to sell.

The MACD remains in negative territory at around -0.00076. This shows that there is still some selling pressure in the market.

Also, the histogram appears to be flattening out, and this might slow down the decline in the stock price. For the stock to show strong signs of rising again, the MACD needs to turn positive and move up steadily.

PUMP is at a technical inflection point, with its holding support potentially dictating its next course of action. Investors are observing the altcoins’ on-chain transactions and spot volume for new demand as it challenges the strength of their breakout setups.

Also Read | XRP Massive Controversy: 13-Year Suppression Shakes Crypto

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Filed under: Bitcoin - @ February 9, 2026 5:23 pm