The Pump.fun (PUMP) token has caught a bid, jumping over 11% in the last 24 hours to trade around $0.00322 on Tuesday. This move is backed by a combination of bullish technicals, a strong token buyback program, and clear signs of accumulation by large whale traders. Three Key Drivers Behind the PUMP Rally A look at the data reveals three powerful factors fueling the renewed bullish sentiment for PUMP. Rising Conviction from Whale Traders First, whale traders are accumulating. In the past 24 hours, on-chain data shows a sharp uptick in demand, with the crypto venture firm GSR withdrawing $4.6 million worth of PUMP from an exchange. 🚨JUST IN: Is @GSR_io accumulating $PUMP? The firm withdrew $4.6M worth of $PUMP tokens from @Bybit_Official in the last 15 minutes, according to onchain data. pic.twitter.com/GUMkLKzv4Z — SolanaFloor (@SolanaFloor) August 4, 2025 Yet another whale deposited 1.06 billion PUMP tokens and opened a 3x long position on Hyperliquid at around $0.00308 and set a liquidation of around $0.0013172. Whale 0x9324 just went big on $PUMP!In the past 4 hours, he bought 1.06B $PUMP($3.28M) spot and opened a 3x long position with 594M $PUMP($1.83M).https://t.co/Ks1FzP0mwh pic.twitter.com/CFwZN2uVMj — Lookonchain (@lookonchain) August 5, 2025 Buyback Program Second, the platform’s token buyback program is actively reducing supply. Funded by fees from the popular memecoin launchpad, the program has already repurchased $22.8 million worth of PUMP tokens from the open market, creating a supportive floor for the price. 🚨JUST IN: @pumpdotfun has launched a revenue dashboard at https://t.co/kZChG9RbDi, allowing real‑time tracking of daily revenues and $PUMP buybacks. Over the past 6 days, it purchased ~8,740 SOL worth of $PUMP, equal to 102% of revenue. pic.twitter.com/wndFyByDUj — SolanaFloor (@SolanaFloor) August 4, 2025 PUMP funding rates turn positive across Exchanges Third, the derivatives market is turning bullish. According to data from Coinglass, the average funding rate for PUMP across major exchanges turned positive on Monday. Source: CoinGlass Historically, a shift to a positive funding rate signals that traders are increasingly willing to pay a premium to hold long positions, a classic sign of strengthening bullish conviction. Related: Pump.fun (PUMP) Price Prediction for August 2025 What the Technicals Say About PUMP’s Next Move From a technical perspective, the PUMP price has been trying to regain its footing in recent days. On the four-hour chart, the price must consistently close above $0.00318 to open the door to a midterm target of around $0.004. Source: TradingView Related: PUMP Price Tests Critical Floor After $5.9 Million in Bullish Bets Wiped Out If the broader crypto market sees a downturn, PUMP will need to hold above the lower border of its established rising trendline to avoid a drop back to the $0.0023 support level. For now, momentum is on the bulls’ side, with the MACD indicator having recently crossed above its signal line, a historically bullish sign. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.