The Solana-based meme coin TRUMP is showing the best performance today. Trading activity has surged, rising more than 10% in the past 24 hours.
This surge in demand occurred as expectations grew for an upcoming private dinner. Donald Trump is set to invite the top 220 TRUMP token holders at a Virginia golf club outside Washington, D.C.
TRUMP Meme Coin Rises 13%... Buying Pressure
TRUMP has risen 13% in the past day, recording the largest increase in the market. This double-digit rally reflects growing investor enthusiasm ahead of tomorrow's dinner, which has attracted widespread attention from the cryptocurrency community.
Adding to the positive momentum is a recent X post by Justin Sun, the billionaire founder of the TRON network.
In his post, Sun revealed that he is the largest holder of the TRUMP meme coin. Many saw this post as a significant sign of trust, amplifying buying pressure and investor interest over the past 24 hours.
Technical indicators further support a positive sentiment for TRUMP. For example, on the daily chart, the meme coin rebounded from the dynamic support line provided by the 20-day Exponential Moving Average (EMA) at $12.99.
This key moving average measures the average price of the asset over the past 20 trading days, with more weight given to recent prices. When the price rises above this indicator, it suggests an upward trend and positive momentum. This indicates strong recent buying pressure for TRUMP and suggests the token may continue to rise in the short term.
Additionally, the Directional Movement Index (DMI) readings confirm buying activity in the spot market. At the time of writing, the token's positive directional index (+DI, blue) is above the negative directional index (-DI, orange), with the gap widening.
When the asset's DMI is set up this way, it indicates that upward momentum is stronger than downward momentum. This signals a continued upward trend and buying pressure in the TRUMP market.
TRUMP Shows Strong Momentum... Price Rises to $19.28
At the time of reporting, TRUMP is trading at $14.32, above the $12.99 support line provided by the 20-day EMA. As demand increases, this support line will be strengthened, potentially driving TRUMP's price to $19.28.
However, if profit-taking begins, TRUMP risks falling below $12.99. In this case, the price could drop further to $10.76.
