PUMP has recently fallen into trouble. On one hand, it faces a class-action lawsuit alleging unregistered securities sales, illegal gambling, and telecom fraud; on the other hand, the price continues to be under pressure. Data shows that PUMP has dropped 35% in the past month, more than 80% below its all-time high, with a strongly bearish sentiment.

Meanwhile, large holders are actually selling off. Tracking data indicates that major holders have reduced their balances by 13.07% over the past 30 days, with one whale suffering an unrealized loss of 12.22 million in the recent transfer of 3.8 billion PUMP. Coupled with broader market declines, the selling pressure is evident. Capital flow also confirms this—recent net inflows have been consistently negative, with significant outflows indicating a lack of buyer interest.

However, the technical picture seems to be sending a different signal. PUMP rebounded from 0.001693 to 0.001766 within 24 hours, an increase of about 4.3%. Interestingly, the MACD indicator recently broke above the signal line and showed a positive histogram, which often suggests that bullish momentum may be emerging. The platform is also continuing buyback operations, purchasing over 1.24 million PUMP tokens in the past 24 hours, clearly aiming to support the price.

But caution is advised—these positive signals are not enough to change the overall trend. The price is still below the long-term EMAs—below EMA7 at 0.001761, EMA25 at 0.001751, and EMA99 at 0.001832—indicating that despite short-term rebounds, the long-term downtrend remains intact.

Market opinions on PUMP are divided. Some traders believe the token is severely oversold and a rebound is imminent; however, others warn that the bearish storm is far from over and that further crashes could occur. Legal risks, selling pressure from large holders, and mixed technical signals all make this trading environment highly unpredictable.