Donald Trump’s Solana-based memecoin, TRUMP, is experiencing market pressure as the coin will undergo a major unlock this week. The project will release 40 million tokens, worth over $320 million at current prices, to its team on April 18th. This is TRUMP’s first major unlock and is expected to increase circulating supply by about 20%. Following this, daily unlocks of 493,000 TRUMP, worth around $4 million, will continue until July. This has sparked concern about potential price fluctuations due to increased token supply.
TRUMP’s price has dropped more than 5% over the past day and is currently trading at $8.27. It’s down over 80% from its all-time high of $73.43 set on January 19th. The token’s trading volume has increased by 23% in the last 24 hours, reaching $476 million.
Investor interest appears to be waning according to on-chain data. The total number of TRUMP wallet holders has decreased slightly this week, dropping from over 800,000 to 638,000. Less than 13,000 wallets hold more than $1,000 in TRUMP, suggesting a reliance on speculative trading rather than genuine utility.
Technical indicators point to bearish pressure on the token. Most important moving averages are currently below TRUMP’s current price, and the 20- and 50-day exponential moving averages suggest further declines. While a weak bullish crossover in the moving average convergence/divergence (MACD) provides some possibility of recovery, the relative strength index (RSI) is near oversold territory at 37.37.
TRUMP price analysis suggests support levels near $7.50, where previous buying interest has been observed. Should TRUMP break below this level, a decline toward $6.80 may occur. Resistance levels are expected around $9.20 and $10.90, corresponding to longer-term moving averages.
Even though Trump-affiliated merchandise retailers can use the memecoin, its price movement reveals investor focus on speculation rather than real-world use. As the unlock date approaches, traders will closely monitor market sentiment and price fluctuations.
Read more: Argentine lawmakers approve official inquiry into Libra memecoin scandal