What is Driving TRUMP Memecoin Higher After A 98% Price Crash?

Official Trump ($TRUMP), a Solana-based memecoin backed by US President Donald Trump, is showing signs of bullish revival after declining 98% from its record high of $77.24.

As of Thursday, TRUMP traded as high as $8.68, reclaiming levels last seen in September. The memecoin has surged more than 475% since the early October market crash, with nearly 55% of those gains coming just in the past week.

Why is TRUMP memecoin rising these days? Let’s examine.

Whale Buys $1M in TRUMP, Then 10x Long It

Blockchain sleuths are pointing to one trader making aggressive, high-leverage bets across Solana and Hyperliquid as the key catalyst behind its latest surge.

A new wallet funded just days ago spent 5,346 SOL (≈ $1.07 million) to acquire 165,401 TRUMP, now worth about $1.4 million, a $335,000 unrealized gain, according to onchain data shared by Lookonchain.

The same trader also deposited 485,669 USDC to Hyperliquid, opening a 10x cross-margin long worth $9.5 million on the TRUMP-USD pair, according to HypurrScan data.

That position alone is sitting on roughly $1.18 million in paper profits, with the entry near $7.37 and the price now above $8.42.

The same address is also long on SOL, ETH, and BTC, suggesting broader conviction in the risk-on rotation sweeping crypto markets.

Trump-Xi Meeting Boosts Memecoin Demand

The price of TRUMP remains highly reactive to political headlines and trade developments linked to Donald Trump’s activities and policy stance.

Over the past days, easing trade tensions with China and South Korea helped spark a 50%-plus rally in the official TRUMP memecoin on Solana, pushing its market capitalization to $1.67 billion.

Momentum intensified on Oct. 27, when President Trump expressed optimism about reaching a US–China trade agreement, triggering another 30% intraday spike in TRUMP’s price.

Traders often treat these political soundbites as directional signals for the memecoin, making it one of the most sentiment-driven assets in the crypto market today.

How High Can TRUMP Memecoin Go Next?

Following the pump, TRUMP’s daily relative strength index (RSI) is warning about overbought conditions with its 70-plus reading. That means the rally is turning overheated and is due for a pause or retreat.

An overbought correction can initially bring TRUMP lower by 5.30% to $7.85, a level aligning with the 0.236 Fibonacci level, the 50-day exponential moving average (50-day EMA; the red wave) and the upper trendline of the memecoin’s prevailing descending channel pattern.

A drop below the support confluence may limit TRUMP’s potential to rally, sending price toward the channel’s lower trendline below the $5.40 level.

Conversely, a rebound now or after testing the $7.85 support could lead prices to $9.35-10.00 range, aligning with the 0.382 Fib line and the 200-day EMA (the blue wave).