Pump.fun Price Prediction: PUMP Rally Should Keep Going as Protocol Revenues Jump

Pump.fun (PUMP) has nearly doubled its price in the past 30 days after a confirmed inverse head and shoulders pattern exceeded our projected target for the token.

This Solana-based memecoin launchpad is surprising everyone, as it has managed to defy the market’s gravity by posting a 93% gain during this period, while protocol revenues are lining up to book a 36% month-on-month jump.

In the past 24 hours alone, the token has advanced by another 4%, while trading volumes remain quite high compared to historical levels at $90 million — a figure that accounts for 8% of the asset’s circulating market cap.

Protocol Revenues Spike and Could End the Month 38% Higher

In our latest Pump price prediction, we identified an inverse head and shoulders pattern that played out flawlessly. Moreover, we laid out a 6x trade that is already getting close to hitting its mark, while it has already yielded a 4x return to those who were bold enough to get in.

PUMP is one of the few tokens that is now trading above its 200-day exponential moving average (EMA) and that has managed to keep rallying after breaking this long-term MA.

For traders, when assets rise past this mark, it typically means that they have broken their downtrend and are ready to enter a bullish phase. This has been the case for PUMP thus far, and on-chain data explains why.

According to data from DeFi Llama, Pump.fun was the 4th most profitable protocol in the crypto space in the last 30 days, with total revenues of $38 million.

As a result, the project surpassed two layer-one blockchains — Hyperliquid and Tron — by more than $5 million, while its revenues doubled those of the latter in the past 7 days and surpassed Canton’s as well.

Last month, DEX volumes within Pump.fun rose by 18% compared to the previous month, while protocol revenues increased by 22% to nearly $33 million.

This month, a simple run rate of the first 12 days indicates that Pump.fun could close August with $45 million in revenues, implying a potential 36% jump compared to July’s print. Meanwhile, DEX volumes may close at a similar level or slightly higher.

PUMP Is One of the Few Tokens Trading Above Its 200-Day EMA

Heading to the daily chart, we can see that PUMP is already more than halfway through our recent target after breaking past the 200-day EMA.

The Relative Strength Index (RSI) has made a new high, and it is once again rising to overbought territory, indicating that bullish momentum is accelerating. This is a clear sign that bulls are in control of the price action.

Our target for PUMP in the near-term continues to be the $0.032 area. We expect a pullback to the 200-day EMA after hitting that mark, as the rally will need to take a breather and traders will likely take some profits off the table once that happens.

Depending on what happens next, if the price stays above that long-term moving average, this could be the beginning of a bullish phase for PUMP.

However, since market conditions remain unfavorable and sentiment within the crypto market is still heavily depressed, the token may consolidate for a while between that line and the $0.032 resistance.