Trump's Endorsement Boosts $TRUMP Coin 10% Despite Bearish Outlook

US President Donald Trump has recently expressed his enthusiasm for his official meme coin, Official Trump ($TRUMP), through a post on Truth Social. The post, which read, “I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!”, garnered mixed reactions from meme coin holders and critics alike. While some applauded the post, others, including political opponents and prominent crypto investors, criticized it.

The $TRUMP crypto price experienced a rally of over 10% on Sunday, but this was followed by a pullback. Despite the initial optimism, the meme coin’s bearish price chart and the upcoming $1.5 billion token unlock event make it an unappealing investment option. Experts suggest that other cryptocurrencies, such as Bitcoin, Solana, Pepe, and small-cap meme coins like SPX6900 and Solaxy, are more attractive investments at this time.

Earlier this month, it was reported that $TRUMP was the most sold token by smart money investors in a 24-hour period. Official Trump is a highly centralized meme coin, with 80% of the supply held by Creators & CIC Digital - 1, 2, 3, 4, 5, & 6. Currently, only 20% of the overall $TRUMP supply is unlocked, and a major token unlock event, which will release 40 million coins worth $464 million, is scheduled for April 18th. Smart money investors have been offloading their $TRUMP holdings ahead of this unlock event, viewing Trump’s bull-posting as an attempt to grab exit liquidity.

The Official Trump price chart does not inspire much confidence. The fact that the $TRUMP crypto price rallied by just 10% and retraced much of the pump, despite Trump’s shilling, signals a lack of sustainable demand for the meme coin. Additionally, it failed to breach the $12.50 S/R level, a resistance that it rejected from earlier this month as well. The $TRUMP’s RSI has already tagged the “overbought” level in the 4-hour timeframe, suggesting that a significant pullback could be imminent. Prominent analyst CRG believes that the meme coin created a “solid bottom” in the daily timeframe, with its daily RSI at just 43, signaling significant room for expansion. However, the overhang of the upcoming token unlock event would likely prevent a sustainable bullish reversal.

The cryptocurrency market has had a bullish start to the week, with the Bitcoin price soaring past $88,000. Such broad-market relief rallies are typically excellent opportunities to find the best cryptocurrency investments. The assets with the sharpest bounces typically have the highest latent demand and deliver outsized returns when the market outlook improves. Solana meme coins, such as SPX6900 and Fartcoin, are leading the charge, with both up by 25% over the past 24 hours. While they could see some profit-taking, they are consensus picks among experts for the best cryptocurrencies to buy now. The Solana price is trading at $143 at press time. Prominent analyst Ansem believes that the top SOL-based coins can 2x in just a few weeks.

All eyes are now on the Solana ecosystem, with whales bidding on high-upside, low-cap assets once again. For instance, the first prominent Solana layer-2 coin, Solaxy (SOLX), has raised nearly $28 million in its presale, thanks to continued six-figure investments from whales. With the next meme coin mania extremely close, a layer-2 project designed to tackle congestion in the Solana ecosystem during periods of heavy traffic will gain significant traction. Considering that most top Bitcoin and Ethereum Layer-2s have multibillion dollar valuations, experts also believe that SOLX is undervalued during its presale. Solaxy will likely launch during the next bull market, which is expected to start in April. Early buyers are expecting a significant post-IEO rally, with many eyeing up 10x returns.