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The official meme token TRUMP, based on Solana 
$172, has caught the attention of traders after a significant price drop of approximately 13% in the last 24 hours, bringing its value below $20. It’s noted that the price has declined by over 33% on a weekly chart, and around 70% from its all-time high. This situation has emerged following a post shared on the social media platform Truth Social.
Market Movements
According to market data, the daily trading volume of the TRUMP token surged by approximately 65%, reaching $3.4 billion. This increase in trading volume signals that traders are inclined to sell, with a similar decrease observed in open positions in the derivatives market. Data indicates that liquidation transactions exceeded $15 million within the past 24 hours.
Trader Expectations
After reaching a low of $18.75 during the day, the TRUMP token price rebounded and currently hovers around $21.09. Some market observers assess that the current price decline presents a buying opportunity.
“The TRUMP token is now buyable due to the drop. A strong recovery is expected while the downtrend continues.” – Captain Faibik
Another analyst stated that the support level is around $20 and expressed intentions to open long positions.
On social media, former US leader Donald Trump shared a supporting message for the TRUMP token, directing traders’ focus. Following this post, some industry figures criticized this move.
“Trump’s support message on social media accelerated selling pressure in the market.” – Anthony Scaramucci
Traders are considering the short-term impacts of such posts while keeping in mind the overall downward trend in the market.
The TRUMP token has slipped to fourth place in rankings, managing to outpace some competitors. The widespread market movements and increasing trading volume illustrate that overall market conditions are also declining.
In an environment where traders closely monitor market data and technical analyses, evaluating buying opportunities is crucial. Careful analysis and tracking of market data play a significant role in investment decisions. Although the market currently harbors uncertainties, technical indicators hint at potential outcomes.
