TRUMP Token Faces Market pressure Ahead of Major Unlock
donald Trump’s Solana-based memecoin, TRUMP, is under increasing market pressure as a notable token unlock approaches.On April 18, the project will release 40 million tokens, valued at over $320 million, to its team.This is the first major unlock for TRUMP, adding about 20% to the current circulating supply.
Following this event, 493,000 TRUMP tokens, worth around $4 million, will be unlocked daily until the next major unlock in july. Thes upcoming unlocks have raised concerns about potential price impacts due to the increased token supply.
Currently, TRUMP is trading at $8.27, down more than 5% in the past day. The token is now 88% below its all-time high of $73.43, set on January 19, according to CoinGecko data. Trading volume has surged 23% to $476 million in the past 24 hours, reflecting heightened market activity.
On-chain data suggests a decline in investor interest. The total number of wallet holders has dropped to 638,000, a 0.3% decrease this week, and a significant drop from over 800,000 in January.Less than 13,000 wallets hold more than $1,000 in TRUMP, indicating that many users have modest, speculative holdings.
Technical indicators show bearish pressure on the token.Most importent moving averages are below TRUMP’s current price, with the 20- and 50-day exponential moving averages suggesting further declines. A weak bullish crossover in the moving average convergence/divergence hints at a possible but uncertain recovery.
Support is near $7.50, where TRUMP has seen buying interest before. If it breaks below this level, the price might move toward $6.80. Resistance is expected near $9.20 and $10.90.
Despite its use in Trump-affiliated merchandise retailers like gettrumpsneakers.com, TRUMP’s price movement suggests that investors are more focused on speculation than real-world applications. As the unlock approaches, traders will closely monitor market sentiment and price movement.
