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The OFFICIAL TRUMP price dropped over 23% in the last week and more than 1% in the past 24 hours to trade at $10.97 as of 9:37 p.m. EST as investors dump their holdings in the meme coin.
Despite the drop in the last week and 24 hours, the TRUMP price remains over 19% in the green on the longer-term monthly time frame.
OFFICIAL TRUMP Price Hanging On To A Support
Daily chart for TRUMP/USD (Source: GeckoTerminal)
The OFFICIAL TRUMP price is resting on a support level at $11.53, data from GeckoTerminal shows. Should the meme coin drop below this level within the next 24-48 hours, it could be at risk of plummeting to the subsequent mark at $9.05.
That bearish thesis might not happen if traders start to buy TRUMP at its current level. In this alternative scenario, the OFFICIAL TRUMP price could try to flip the resistance level at $13.36 into support. Thereafter, continued pressure from buyers might push the crypto to $15.62 or even $18.74 in an extreme case.
OFFICIAL TRUMP Price Might Drop Some More As Technicals Flash Bearish
From a technical perspective, indicators on TRUMP’s daily chart suggest the OFFICIAL TRUMP price might continue to drop in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show bears have a slight upper hand against bulls on the meme coin’s charts.
Over the past couple of days, the MACD line dropped below the MACD Signal line. This specific technical event is usually regarded as a confirmation that a crypto has entered a negative trend. What’s more, the gap between the two lines has grown ever since they intersected, which suggests TRUMP’s bearish momentum is picking up steam.
Meanwhile, RSI readings have oscillated in the high 40s in the last couple of days. This indicates that the OFFICIAL TRUMP price could go either way in the short term. However, the bearish momentum shown by the MACD suggests a bearish drop is more likely to take place.
While technicals warn of a continued drop in the OFFICIAL TRUMP price, investors are piling into the presale for a new Solana token called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, says the crypto has the potential to soar 100X after its launch.
Solaxy Looks To Scale Solana With Layer-2 Technology
Solana was initially designed as a cheaper and faster alternative to the Ethereum network. This attracted developers to the blockchain. So much so that the SOL network now suffers from high levels of congestion. If something does not change soon, Solana could suffer another outage in the near future.
Solaxy aims to prevent more downtime for Solana, and will introduce the first layer-2 scaling solution for the SOL ecosystem. The project will use proven scaling technologies called rollups. Through these protocols, Solaxy will bundle SOL transactions off of the mainnet, and then submit the batches of transactions to the layer-1 chain for final validation.
Submitting groups of transactions is much more efficient than each transaction being processed one by one on the Solana mainnet. As such, Solaxy will increase the transaction throughput of the Solana network, which will reduce the backlog on the chain and ultimately result in much lower congestion levels as well.
In addition to scaling Solana, Solaxy will also bridge the network with Ethereum. By combining the strengths of two of the most prominent blockchains in the Web3 space, Solaxy will give decentralized app and meme coin developers a platform that can cater to their growing demands.
Solaxy’s Presale Goes Parabolic
Investors are betting big on SOLX’s future, having already poured more than $33.4 million into the project’s ongoing ICO. With the bullish predictions from experts like 99Bitcoins and the project’s positioning as the first SOL layer-2, it’s no wonder a buying frenzy has erupted around the meme coin’s ICO.
Interested investors can participate in the presale by purchasing SOLX via the simple buy widget embedded on the project’s website. Selling for $0.001716, SOLX can be bought with both crypto or bank card. Once bought, the tokens can also be locked up in Solaxy’s presale staking pool, which currently offers a 121% APY.
Buyers that want to secure the best deal will want to act fast, because SOLX’s price will undergo a presale increase in around 38 hours.
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