TRUMP Token Price Soars 7% Ahead of Scheduled Unlock Event

The TRUMP token, a Solana-based meme coin associated with U.S. President Donald Trump, rose 7% in the last 24 hours. This TRUMP price increase comes ahead of a scheduled token unlock event that will draw attention across the cryptocurrency market.

The TRUMP token (CRYPTO: TRUMP) is up 7% in the last 24 hours. The token is showing signs of stabilization despite the market's broader weakness. Analysts are now paying attention to the token's next move with more supply entering the market.

This comes ahead of a large token unlock event that will distribute 40 million new TRUMP tokens to members of the project team on April 18. At the time of writing, the new tokens will be worth around $320 million.

According to crypto analytics platform Tokenomist, this will bring the circulating supply to roughly 240 million TRUMP tokens, out of a total supply of 1 billion. These tokens will comprise over 60% of all scheduled insider unlocks for the week, which will bring a total of $519 million worth of tokens.

Also on the agenda this week are unlocks for Fast Token (CRYPTO: FAST) and Arbitrum (CRYPTO: ARB), which will see tokens valued at $80.6 million and $27.2 million, respectively, distributed from their respective protocols.

Token unlocks can increase the supply of tokens without necessarily increasing demand for them. If large amounts of tokens are sold on the open market, this could exert downward pressure on prices.

Investors have been keeping a close eye on the TRUMP token ahead of this release, particularly after it encountered significant losses earlier this year.

What Happened To TRUMP Token Price

The TRUMP token reached a high of $73.43 on January 19. Since then, TRUMP has fallen by nearly 89%, trading at around $8.03 at the time of writing.

Despite this steep decline, some technical indicators suggest that buying pressure may be returning to the token.

Data from Dune shows that the number of unique TRUMP token holders has decreased from 817,000 at launch to about 637,000. Meanwhile, wallets holding over $1,000 in TRUMP have dropped from 143,000 in January to only 12,000. This follows recent reports by CoinGape of major TRUMP whale sell-offs, resulting in substantial losses for these investors.

Although interest in the TRUMP token has waned, recent price action indicates a potential shift. After reaching a low of $7.50, the price rebounded to $8.03, suggesting a short-term recovery.

Technical Analysis Of TRUMP Token

An analysis of the TRUMP token price trends in technical analysis suggests a possibility of an upward move. Since April 8, the token has been trading in a range, with a high of $8.30 and a low of $7.65. This range may act as a base for the token before a breakout.

The Chaikin Money Flow (CMF) is at around -0.03, slightly below the zero level. A move above zero could signal an increase in buying activity.

The Money Flow Index (MFI) stands at 42.87, placing it within a neutral range but showing a steady rise. This indicates that the buying volume is gradually increasing, which could be a precursor to a bullish breakout in the TRUMP price.

A glance at the chart suggests that the TRUMP token price may test the $7.65 zone on its next move. From there, a strong rally could push the price toward the $8.30 to $9.50 levels if the bulls maintain control.

Crucial Levels To Watch, According To Analyst

According to crypto analyst CryptoBheem, the TRUMP token has been consolidating in a tight range, forming a base after several weeks of decline.

As per CryptoBheem, multiple touches of the $8.30 resistance level increase the chance of a breakout.

If the TRUMP token price sustains the upward momentum, it could aim for the $10.50-$11.00 zone. However, if the token fails to hold above the $8.00 level, a drop to $7.50 might follow.