The Official Trump [TRUMP] memecoin has been making waves with its impressive upside rally

The memecoin soared over 70% in a few days, hitting a crucial $15 mark. Naturally, exchanges also recorded $28.51 million in inflows

The Official Trump [TRUMP] memecoin has been making waves with its impressive upside rally. Over the past few days, the memecoin has soared over 70%, hitting a crucial $15 mark. Naturally, exchanges also recorded $28.51 million in inflows, hinting at brewing sell pressure.

Market sentiment and TRUMP price momentum

The price boom, of course, followed news that TRUMP’s top 220 holders could join a private gala with the president.

Scheduled for the 22nd of May, the announcement triggered a breakout beyond multiple resistance levels. At press time, TRUMP hovered near $15, having climbed 16.10% in the past 24 hours.

Due to its continuous upside rally, participation from traders and investors has also skyrocketed, leading to a 45% jump in the asset’s trading volume.

$28.51 million worth of TRUMP inflow

However, some investors booked profits while others doubled down on bullish bets.

Indeed, Spot Inflow metrics revealed $28.51 million entered exchanges over the past 48 hours.

This substantial Inflow into Exchanges indicates potential dumping, which can create selling pressure and lead to a further price decline. However, given the current market sentiment and the fact that the meme coin is handling sell-offs well, such a scenario seems unlikely.

On top of that, traders appear confident and are strongly betting on the bullish side. At press time, long positions worth $32.55 million dwarfed short positions totaling $6.36 million.

Moreover, traders aggressively built leveraged positions between $13.09 (support) and $15.19 (resistance).

Momentum favors bulls

Examining the traders’ bets, it appears that they have been strongly bullish and are currently dominating the memecoin. Nonetheless, $15.19 seems to be a strong resistance level.

If this level is breached, a massive upside rally for TRUMP coin could occur in the coming days.

On-chain metrics further reveal that traders betting on the long side outnumber those on the short side, meaning more bullish trades are open in the market.

Additionally, traders continue to build more long positions, with Open Interest jumping by 15% and the long/short ratio rising to 1.08, indicating strong bullish sentiment among traders.

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