A new Hyperliquid wallet has opened a $4.7 million PUMP long. The trade is already sitting on more than $200,000 in unrealized profit, but the liquidation level leaves little room for complacency.
PUMP Price Rally Gives One Traders Room
Wallet 0x434b reportedly deposited over $700,000 into Hyperliquid and opened a 6x long on 1.02 billion PUMP tokens. The position was initiated near $0.004407, while the current price stands around $0.004536.
That puts the trade in profit for now. The problem is the liquidation price near $0.003916. If PUMP price fails to hold its recovery, the position could be closed at a substantial loss.
On the other hand, a move above $0.005000 could give the trader more breathing room. A test of 0.005500 would push the position further into profit, assuming demand remains strong.
Of course, leverage makes every move matter more. A modest rally can produce a sizable gain, while a sharp reversal can erase the entire position.
PUMP Onchain Activity Supports The Bullish Case
PUMP’s recent onchain figures provide a stronger argument than one leveraged trade alone. Data from the Solana blockchain shows thst PUMP has total value locked at approximately $339 million, while 30-day fees reached $147.9 million.
Thirty-day revenue stands at $57.4 million. Those figures indicate substantial activity across the ecosystem, although they don’t guarantee that the token price will continue rising.
The latest move has also pushed PUMP above its 20-day EMA band. That technical shift matters because the token had previously spent time struggling near major band levels.
PUMP Price Still Depends On Key Support
The $0.001675-$0.001915 range has acted as an important demand area. It failed in June, sending PUMP price below the zone and toward approximately $0.001200.
That breakdown ultimately became a liquidity grab rather than the end of the trend. PUMP later reversed sharply and climbed toward $0.005500 before a healthier pullback followed.
Now the toke is attempting another recovery. If PUMP price breaks above $0.005000, the next resistance could appear around $0.005000. A successful move beyond that level may open the way toward $0.007000.
Still, rejection remains a real possibility. If price fails after testing $0.005000, the leveraged trader’s liquidation level near $0.003916 becomes increasingly important. A deeper correction could expose support around $0.003402 and then $0.002554.
For now, PUMP price has improved onchain activity, a fresh leveraged bet and a recovery above the 20-day EMA. Whether that combination can sustain the rally toward $0.005500 remains the next test.