The Trump (TRUMP) meme coin has gained significant traction recently, climbing over 42% in just the past week.
As the month wraps up, various indicators suggest that November might be favorable for the Solana-based meme coin. A combination of accumulation trends, regulatory updates, and technical indicators is sparking optimism for the coin’s future.
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TRUMP Coin’s Price Reaches 6-Week High: Can the Rally Persist?
The TRUMP meme coin created a buzz upon its launch earlier this year, achieving considerable gains. However, it has since faced notable volatility, losing more than 70% of its value.
The “Black Friday” crypto crash further exacerbated the situation, pushing TRUMP to near record lows. Nonetheless, recent macroeconomic changes have triggered a rally that enabled the coin to recoup its losses and rise even higher.
Today, TRUMP jumped to $8.6, marking a nearly six-week peak. At the time of writing, it was trading at $8.2, reflecting a 5.28% increase over the last 24 hours.
Currently, on-chain data and broader trends indicate several factors that could support its robust performance in the upcoming month.
1. Continued Accumulation and Reduced Exchange Balances
Data from Nansen shows that large holders have been accumulating TRUMP tokens steadily over the last 30 days. Concurrently, balances on centralized exchanges have decreased by 1.4%.
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This trend indicates strong confidence among holders and a diminished intention to sell, suggesting that investors perceive current market conditions as a phase for accumulation.
Additionally, Lookonchain reported that new wallets are acquiring TRUMP tokens, anticipating further price hikes.
“Someone created new wallets to buy TRUMP on Solana while also going long on TRUMP on Hyperliquid — already sitting on over $1.5 million in profit!” the firm posted.
Despite the accumulation, concentration remains significant. The top 10 holders control approximately 92.5% of the supply. This level of whale dominance can lead to price fluctuations.
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2. Trading Activity Reaches New Heights
Alongside accumulation, TRUMP has also witnessed a rise in trading activity. Data from Solscan indicates that transfer volumes and decentralized exchange (DEX) trading have hit their highest marks in the last three months.
Importantly, buy volume has largely outpaced sell volume. This surge reflects growing demand and increased market engagement with TRUMP.
3. Increasing ETF Momentum
Institutional interest may increasingly influence TRUMP’s trajectory. In August, Canary Capital submitted an S-1 registration statement with the US Securities and Exchange Commission (SEC) to initiate the Canary Trump Coin ETF.
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While formal approval is pending, the ETF was added to the Depository Trust & Clearing Corporation (DTCC) platform in early October, enhancing its credibility and boosting market confidence.
This listing may motivate holders to retain or expand their TRUMP positions in anticipation of regulatory advancements. Significantly, with the SEC adopting a more favorable crypto stance, formal approval could be imminent.
4. Technical Indicators
From a technical perspective, analysts have observed that the meme coin has recently broken out of a falling wedge pattern. This bullish configuration typically denotes a potential trend reversal and the onset of upward momentum.
“TRUMP exhibited a classic fake breakout before ultimately breaking above its resistance trendline. The chart now appears much healthier, and with this clean breakout, I believe TRUMP could be poised for a notable rally this season,” an analyst posted.
Thus, the combination of whale accumulation, potential ETF listings, and bullish technical formations sets the TRUMP token up for an exciting November. The sustainability of this rally will hinge on the broader economic landscape, regulatory outcomes, and overall market sentiment.
