The TRUMP token, a Solana-based meme coin associated with former U.S. President Donald Trump, has recently experienced a 7% price increase in the last 24 hours. This rise in price comes ahead of a scheduled token unlock event that is expected to capture the attention of the cryptocurrency market. Despite the overall weakness in the market, the TRUMP token is displaying signs of stabilization, prompting analysts to closely monitor its next moves as more supply is set to enter circulation.
On April 18, the TRUMP token is set to unlock 40 million new tokens, which will be distributed to the project’s team members. This unlock is estimated to be valued at around $320 million based on the current trading price. Following the unlock, the circulating supply of TRUMP will increase to approximately 240 million tokens, with a total supply cap of 1 billion tokens. This unlock represents over 60% of all scheduled insider unlocks for that week, totaling $519 million in value.
Market sentiment and holder data indicate that the TRUMP token’s price has experienced a significant decline since reaching a high of $73.43 on January 19. However, recent technical indicators suggest a potential return of buying pressure. The number of unique TRUMP token holders has decreased from 817,000 at launch to about 637,000, with wallets holding over $1,000 in TRUMP dropping from 143,000 to 12,000. Recent sell-offs by whales have led to major losses, contributing to the decline in interest in the token.
Despite the reduction in interest, recent price action hints at a potential short-term rebound for the TRUMP token. Technical analysis suggests a possible upward movement for the token’s price, with indicators such as Chaikin Money Flow (CMF) and Money Flow Index (MFI) showing signs of growing buying activity. The token has been trading within a range of $7.65 to $8.30 since April 8, with analysts predicting a breakout if the price can maintain its momentum.
Crypto analyst CryptoBheem has identified key levels for the TRUMP token price, noting that the token has been consolidating in a tight range and forming a base after weeks of decline. Multiple touches of the $8.30 resistance level increase the likelihood of a breakout. If the TRUMP token’s price continues to rise, it could target the $10.50-$11.00 zone, but a failure to hold above $8.00 could lead to a drop to $7.50. Overall, market analysts are closely monitoring the TRUMP token ahead of the scheduled unlock event, anticipating possible price movements and a potential bullish breakout in the near future.
