Solana-Based Meme Coin OFFICIAL TRUMP (TRUMP) Recovers from Recent Losses, Targets $29.13

Amid the broader market rally, the token's value has surged nearly 15% in the past 24 hours, outpacing top meme coins by market capitalization.

Solana-based meme coin OFFICIAL TRUMP (TRUMP) has shown remarkable resilience amid the broader market rally, outpacing top meme coins like SHIB, DOGE, and PEPE in terms of price gains.

As of press time, TRUMP's value has surged nearly 15% in the past 24 hours, reaching $16.87. This significant price increase comes as the token trades within a crucial support zone, with technical indicators hinting at the likelihood of a sustained short-term price rally.

TRUMP Outshines Top Meme Assets

Amid the gradual resurgence in trading activity in the crypto market, TRUMP has seen a double-digit spike in its price. At press time, the token trades at $16.87, having noted a 13% uptick in the past 24 hours.

This price surge outpaces the gains made by major meme assets such as SHIB, DOGE, and PEPE, which saw price increases of less than 10% during the same period.

Moreover, TRUMP's trading volume has also seen a substantial increase, climbing by 102% to surpass $1.50 billion. When an asset's price rally is accompanied by a rise in trading volume, it indicates strong market interest and investor confidence.

This signifies that the price increase is being driven by real demand rather than purely speculative activity, suggesting that the meme coin's price movement is more sustainable.

Additionally, TRUMP's funding rate has remained positive despite the recent market turmoil. At press time, this rate is at 0.0050%.

An asset's funding rate is a periodic payment exchanged between its long and short traders on futures contracts. It is designed to keep the contract price in line with the underlying asset's price.

In the case of TRUMP, when the funding rate is positive, it indicates that long traders are paying short traders, signaling that the market is bullish and there's more buying pressure than selling.

TRUMP Price Prediction: Could $29.13 Be Next?

On a daily chart, TRUMP is now trading above the descending trend line that had capped its prices low since January 22. When an asset breaks above a descending trend line, it signals a potential reversal in market sentiment, indicating that the asset may be moving from a downtrend to an uptrend.

This breakout suggests an increasing buying interest in TRUMP and could lead to a new bullish phase if demand strengthens. In this scenario, the token's price could climb to $29.13.

On the other hand, if TRUMP traders begin to take profits, it could lose its recent gains and drop to $14.27.