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The OFFICIAL TRUMP price soared over 61% in the past week, despite a 9% drop in the last 24 hours, to trade at $13.74 as of 6:17 a.m. EST.
The retracement in the TRUMP price seen over the past 24 hours comes amid growing fears of a selloff after a wallet linked to the token’s team sent a substantial amount of TRUMP to leading centralized exchanges.
On-chain data cited by Lookonchain in an April 29 X post shows the wallet deposited 1,346,000 TRUMP, valued at $19.58 million, to Binance, OKX and Bybit in the last 24 hours.
A wallet linked to the $TRUMP team deposited 1,346,000 $TRUMP($19.58M) into #Binance, #OKX, and #Bybit 9 hours ago.https://t.co/Mkk5VIjIFW pic.twitter.com/G4cuIBrQVq
— Lookonchain (@lookonchain) April 29, 2025
OFFICIAL TRUMP Price Resting On Support – Will It Hold?
Daily chart for TRUMP/USD (Source: GeckoTerminal)
The OFFICIAL TRUMP price is resting on a support level at $13.49, data from GeckoTerminal shows. Should the meme coin drop below this key point, it could be exposed to the risk of dropping to the next mark at $10.97 or even $8.96 if the sell pressure persists.
However, a rebound from the $13.49 support could invalidate the bearish thesis. In a more bullish scenario, the OFFICIAL TRUMP price might start to rise towards the closest resistance at $15.63. Overcoming this barrier could then clear the room for TRUMP to climb to as high as $18.90 in the short term.
Buyers Starting To Lose Their Grip On The OFFICIAL TRUMP Price
From a technical perspective, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the OFFICIAL TRUMP price might continue to drop in the next 24 hours. There has also been an uptick in sell volume, adding downside pressure to the meme coin’s price.
In the last 48 hours, the MACD line has started dropping towards the MACD Signal line. Traders might see this shrinking margin between the two technical indicators as a sign of weakening bullish momentum. If the MACD line continues to fall towards the Signal line, it could lead to a bearish crossover that might be followed by a drop in the OFFICIAL TRUMP price.
RSI readings have fallen over the past 48 hours as well, a classic sign of diminishing buyer strength. While the current reading above the neutral 50 mark is bullish, the negative slope of the RSI warns of an impending bearish shift in power in coming days. A confirmation of this will likely be if the RSI falls below 50, giving sellers an edge over buyers.
While the OFFICIAL TRUMP price clings to support, investors are piling into the presale for a new Solana token called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, predicts SOLX could soar 100X after its launch.
Solaxy To Eliminate Congestion On The Solana Network
Solana, which was initially launched as a faster and cheaper alternative to Ethereum has become highly congested following the recent hype around SOL-based meme coins. Even OFFICIAL TRUMP, the US President’s meme coin, was launched to capitalize on this popularity. This overwhelmed the network and almost led to another Solana blockchain outage.
To prevent further downtime for the popular Solana network, Solaxy will introduce proven layer-2 scaling technologies and its own sidechain to the SOL ecosystem. It will then process and bundle SOL transactions off of the mainnet, and only call the Solana blockchain for final transaction validation.
Solaxy’s method of processing transactions is similar to the one used by Arbitrum and Optimism within the Ethereum ecosystem. It is also made possible through efficient protocols called rollups.
Solaxy’s team has already deployed their super-fast testnet and its block explorer, giving the Web3 community a sneak peak at the raw power of the project’s technology. The team have also shared that they are aiming for 10,000 transactions per second (TPS), a milestone that if achieved will place Solaxy in the league of current, and possibly future, blockchain elites.
Investors Rush To Buy SOLX At Presale Prices
The project’s positioning as the first SOL layer-2 is pulling investors in at a rapid pace, which is evident by the more than $32.2 million the project has raised through its ongoing ICO.
Interested investors can buy SOLX at this early stage for $0.001708 apiece through the widget embedded on Solaxy’s website using either crypto or bank card.
Buyers that want to lock in the best deal will want to act fast, though, as SOLX’s price will undergo a series of staged presale increases as the ICO progresses.
The next price hike is set to come into effect in a little more than 3 hours.
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