The TRUMP token appeared to be in a downward spiral until an unknown wallet injected $5 million, sparking intrigue among investors. Will this move sustain or is it just a speculative bounce?
Recently, the blockchain transaction tracker Lookonchain revealed that two crypto wallets, likely owned by the same whale, spent 5 million USDC to purchase 660,339 TRUMP tokens at an average price of $7.93.
This significant acquisition occurred as the price of TRUMP was hovering around its critical support level of $7.60. Naturally, this substantial purchase drew attention. Following this transaction, TRUMP saw a 2% increase, trading around $8.05 at the time of writing. This rise comes at a time when major assets like Bitcoin, Ethereum, and Solana struggle to gain momentum.
This transaction not only created buying pressure and a bullish momentum on the price of TRUMP but also shifted the sentiment of traders, as reported by the on-chain analytics firm CoinGlass.
Source: Coinglass
According to CoinGlass, the TRUMP Long/Short ratio increased from 0.98 to 1.11 – the highest since March 2025. At the time of writing, 52.69% of the top traders held long positions, while 47.31% remained short. Clearly, the bulls were taking charge.
Source: Coinglass
However, traders seemed heavily leveraged at key levels. Long positions worth $9.73 million had built up around $7.56, marking a fragile support zone. Meanwhile, $6.24 million of shorts sat at $8.24, forming an immediate resistance. These positions suggested that a sharp move, up or down, could trigger a cascade of liquidations.
Thus, the number of bullish traders was significantly higher than those bearish. This also indicates that bulls currently dominate the asset and could soon trigger a bullish move.
From a technical perspective, TRUMP has been moving in a downtrend channel since January 2025. However, it recently bounced from the lower limit and is now heading towards the upper limit.
Source: TradingView
According to AMBCrypto’s analysis, if TRUMP breaks $8.50 with a daily close, it could surge by 18% to reach $10.10. However, failure to surpass this level could trigger a rejection and a quick reversal. Currently, all eyes are fixed on $8.50. It’s a decisive area that could determine whether TRUMP skyrockets or falters once more.
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