The PUMP token from Pump.fun, a Solana meme coin launchpad, has plummeted over 63% since its ICO, which raised $600 million. Currently trading at $0.0024, PUMP's drop continues despite a stable overall crypto market, with Bitcoin around $117,000. Investor disappointment surged after co-founder Alon Cohen announced there would be no immediate airdrop, a highly anticipated event, leading to significant sell pressure. Additionally, a $5.5 billion class-action lawsuit has added to concerns about its operations. Nearly 60% of presale participants have sold their tokens, worsening the downward trend. Chart indicators reveal severe bearishness, with the RSI suggesting extreme selling pressure and an ADX indicating a strong downtrend. Any recovery seems unlikely as the resistance remains substantial, complicating the prospects of a price rebound. Immediate support is at $0.00239, with strong resistance seen at $0.00340. The outlook for the PUMP token appears bleak, with investor confidence rapidly dwindling.

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