The Official Trump (TRUMP) meme coin has experienced renewed momentum recently, rising over 42% in just the past week.
As the month comes to an end, several signs suggest that November could be a positive period for the Solana-based meme coin. A mix of accumulation trends, regulatory developments, and technical signals is fueling optimism for the coin’s prospects.
TRUMP Coin’s Price Hits 6-Week High: Will The Rally Continue?
The US President’s TRUMP meme coin made headlines when it launched earlier this year, posting massive gains. However, the coin has since faced significant volatility, losing over 70% of its value.
The crypto “Black Friday” crash further worsened the situation, driving TRUMP to near record lows. Despite this, recent macroeconomic shifts triggered a rally that helped the coin recover all its losses and rise higher.
Today, TRUMP surged to $8.6, marking a nearly six-week high. At press time, it was trading at $8.2, up 5.28% over the past 24 hours.
Now, on-chain data and broader developments point to several factors that could continue to support its strong performance next month.
1. Sustained Accumulation and Declining Exchange Balances
According to data from Nansen, over the last 30 days, large holders have steadily accumulated TRUMP tokens. At the same time, balances on centralized exchanges have dropped by 1.4%.
This pattern signals strong holder confidence and a lower intent to sell, suggesting that investors view the current market conditions as an accumulation phase.
Furthermore, Lookonchain reported that new wallets are purchasing TRUMP tokens while betting on further price increases.
“Someone created new wallets to buy TRUMP spot 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 high. The top 10 holders own roughly 92.5% of the supply. This level of whale control can drive price swings.
2. Trading Activity Surges to New Highs
In addition to accumulation, TRUMP has also seen an increase in trading activity. Data from Solscan revealed that the volume of transfers and decentralized exchange (DEX) trading has reached their highest levels in the past three months.
Notably, for the most part, the buy volume has been higher than the sell volume. This surge suggests increasing demand and growing market participation in TRUMP.
3. Growing ETF Momentum
Institutional interest could play an increasingly important role in TRUMP’s trajectory. In August, Canary Capital filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch the Canary Trump Coin ETF.
Although formal approval is still pending, the ETF was listed on the Depository Trust & Clearing Corporation (DTCC) platform in early October, which adds legitimacy and strengthens market confidence.
This listing may encourage holders to maintain or expand their TRUMP positions in anticipation of regulatory progress. Notably, with the SEC showing a more pro-crypto stance, a formal approval might not be far off.
4. Technical Signals
From a technical standpoint, market analysts note that the meme coin has recently broken out of a falling wedge pattern. This bullish formation typically signals a potential trend reversal and the beginning of upward momentum.
“TRUMP gave a classic fake breakout before finally breaking above its resistance trendline. The chart now looks way healthier and with this clean breakout, I think TRUMP could show up for a solid rally in this season,” an analyst posted.
Thus, the mix of whale accumulation, ETF potential, and the bullish formation has set the TRUMP token up for a notable November. The sustainability of the token’s rally will depend on the broader economic climate, regulatory decisions, and overall market sentiment.
The post TRUMP Token Eyes Strong November: 4 Factors Behind the Optimism appeared first on BeInCrypto.