PUMP has entered a sideways trading pattern after hitting an all-time high of $0.0090 on Sunday.
Interestingly, key investors have taken advantage of the slowdown, quietly increasing their holdings in anticipation of another potential leg up.
Sideways Trading, Silent Accumulation
On-chain data from Santiment shows that large holders with between 1 million and 10 million PUMP tokens have significantly ramped up their accumulation over the past few days. Since the altcoin began its sideways trend, this cohort of PUMP investors has increased its holdings by 2%.
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This behavior indicates growing confidence among whales in the market, which could draw retail traders back into it. If this trend continues, it could set the stage for a price rebound in the near term.
Moreover, readings from PUMP’s Smart Money Index (SMI) confirm this bullish outlook. At press time, this is at 1.007, rising steadily through the token’s muted price performance.
Smart money refers to capital managed by institutional investors or experienced traders with a stronger grasp of market trends and timing. The SMI tracks their behavior by comparing selling pressure in the morning when retail dominates versus buying activity in the afternoon when larger players are more active.
A rising SMI signals that these investors
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Author: Abiodun Oladokun
