The TRUMP meme coin has been in a continuous downtrend for the past month, failing to break above the $21.45 barrier. The token fell below $12 earlier in the week but recovered after the political clash between US President Donald Trump and Ukrainian President Zelensky.

Despite being up by 8% today, technical indicators show persistent bearish pressure as the meme coin struggles to find a support level.

TRUMP Is Facing Bearish Pressure

The investor sentiment surrounding TRUMP has been largely negative in recent days. As the political showdown between Trump and Zelensky created significant buzz on social media, the meme coin saw some buying actions today, but the overall momentum remains notably low.

This reflects a lack of confidence in any immediate price recovery. 

Negative sentiment surrounding political conditions is likely to discourage new investments, which will only deepen TRUMP’s ongoing price drawdown. This overall atmosphere suggests that further declines are possible unless significant changes occur.

The technical indicators for TRUMP reflect the overall negative market sentiment. The Chaikin Money Flow (CMF) indicator, which tracks the accumulation and distribution of an asset, shows a clear downward trend.

The CMF has failed to secure the zero line as support, indicating that the inflows that once kept the altcoin afloat have turned into outflows. 

This reflects weakening investor confidence, exacerbated by the ongoing political tension and the lack of bullish triggers for the asset. Without a shift in the broader market or sentiment, the downward pressure on TRUMP’s price is expected to continue.

TRUMP Price May Fall Further

TRUMP’s price has recently hit a new low of $11.07, marking a significant drop from its previous levels. At the time of writing, the altcoin has managed to recover slightly to $13.12, but it remains stuck below the critical resistance of $14.48.

This barrier has proven difficult to overcome, indicating that the altcoin could continue its struggle in the short term.

If the bearish momentum persists due to political factors like Trump’s tariff policies, TRUMP could slide even further. The next potential support level lies at $11.07, and if this fails, the altcoin could fall below $10.00, deepening losses for investors.

Given the current conditions, the price may continue its downtrend unless broader market cues shift.

Although the likelihood of breaking through the $14.48 resistance seems low, positive developments in the broader market could bring some relief. If this happens, TRUMP could attempt to flip the $16.00 level into support, but it would likely face consolidation below the key $21.45 barrier.

Similar to the wider crypto market, most meme coins performed terribly throughout February. The drawdown witnessed by these meme tokens even led to some forming new all-time lows. However, there is an opportunity in this downtrend that is seemingly coming to an end.

BeInCrypto has analyzed five meme coins that could make their way back up and recover their losses in March.

Daddy Tate (DADDY)

DADDY has surprised the market this week with a 70% price increase, recovering February’s losses and more. The altcoin is currently trading at $0.054. This rally marks a shift in investor sentiment, potentially signaling further upside if the current momentum persists.

DADDY is now eyeing a further rally, potentially breaching the $0.068 resistance. This level has been a challenge for the meme coin since mid-December, but with bullish factors driving the price, it may finally break through. The continuation of this uptrend depends on sustained investor confidence.

However, if DADDY fails to hold the support of $0.054, the price may fall back to the $0.045 support level. A deeper decline could invalidate the bullish outlook, potentially triggering a shift in sentiment and setting the coin back further.

Pepe (PEPE)

PEPE continues its downtrend, trading at $0.00000718 after starting this decline in November 2024. The altcoin’s price remains under pressure, but the situation could shift. Notably, PEPE has a strong correlation of 0.89 with Bitcoin, potentially setting the stage for a recovery if BTC rebounds.

With Bitcoin potentially nearing a market bottom, PEPE could benefit from its recovery. If Bitcoin gains momentum, PEPE is likely to follow suit. A key marker for this would be PEPE flipping $0.00000951 into support and eventually surpassing the $0.00001146 resistance level, signaling further upside.

If the downtrend persists, PEPE faces the risk of falling below its $0.00000748 support. A breakdown through this level could lead to a test of $0.00000632, further invalidating the bullish thesis and signaling a deeper decline.

Popcat (POPCAT)

POPCAT has made a notable recovery, currently down just 9.5% over the month, trading at $0.265. The altcoin aims to breach the resistance of $0.342, with potential for further upside. A successful breakout could lead to significant gains, especially if market sentiment continues to improve.

In previous market cycles, a bounce off the $0.238 support, coupled with bullish signals, has fueled rallies up to $0.645. The ADX currently sits below the 25.0 threshold, indicating weakening bearish momentum.

If POPCAT follows a similar pattern, this shift could set the stage for a 129% rise.

However, if POPCAT fails to breach $0.342, it may return to its support levels at $0.238 or even $0.203. Such a drop would invalidate the bullish outlook, signaling continued consolidation or further losses.

Peanut The Squirrel (PNUT)

Another one of the top meme coins, PNUT, has outperformed expectations with a 56% rally this week, reaching $0.226 and erasing February’s losses. The altcoin is now focusing on securing $0.227 as a stable support level. Maintaining this level will be crucial for continued upward momentum and price stability in the short term.

With $0.227 successfully established as support, PNUT could leverage the improving market conditions and investor confidence to rise toward $0.442. This recovery would significantly offset the losses suffered in January, potentially positioning the altcoin for further gains if market trends remain favorable.

However, if PNUT fails to secure the $0.227 support floor, the altcoin risks falling back to $0.142. Such a decline would invalidate the bullish outlook, prompting further consolidation and raising concerns over a sustained recovery.

Pudgy Penguins (PENGU)

PENGU hit a market bottom in February, forming a new all-time low of $0.0067 amid bearish conditions. Despite this, the altcoin has shown resilience and could be preparing for a potential rebound.

After bouncing back by 24.6% this week, PENGU is currently trading at $0.0090 and targeting a breach of the $0.0100 level. If this resistance is overcome and flipped into support, the altcoin could reach $0.0147. This would help recover most of February’s losses, signaling a positive outlook.

However, if PENGU fails to break the $0.0100 barrier, it risks consolidating above its all-time low of $0.0067. In this case, the bullish thesis would be invalidated, potentially leading to further losses and undermining investor confidence in the short term.

Solana is set to release 11.2 million SOL tokens today, valued at approximately $1.57 billion. This unlock is part of the ongoing bankruptcy process for the defunct FTX exchange.

Notably, the unlock comes as mounting legal expenses are making FTX bankruptcy one of the most costly Chapter 11 cases in US history.

A Massive Solana Token Unlock for FTX Bankruptcy Estate

On-chain data shows that the unlocked SOL represents about 2.2% of Solana’s circulating supply, which currently stands at 488 million tokens.

Still, the FTX estate has two additional smaller SOL unlocks in the coming months. On April 1, 12,700 SOL will be released, followed by 73,700 SOL on May 1.

These tokens were part of FTX’s holdings, which had been sold at discounted rates to investors in previous auctions.

Sunil Kavuri, a leading creditor advocate, revealed that FTX had liquidated 41 million locked SOL across three auctions. According to him, the buyers included crypto investment firms like Galaxy Digital and Pantera Capital.

Indeed, Galaxy Digital, the largest buyer, secured 25.5 million locked SOL at $64 per token, well below the current market price of $144.

Pantera and other firms made their purchases at approximately $95 per token. Meanwhile, Figure and its partners acquired SOL at $102.

Arthur Cheong, founder of DeFiance Capital, confirmed his participation in Galaxy Capital’s over-the-counter (OTC) sale. He stated that he purchased an undisclosed amount of SOL at $64 per token. Cheong also mentioned that he has no plans to sell, as he anticipates a significant price increase.

“Participated in the SOL OTC deal at $64 via Galaxy and received the bullet unlock today. Not selling a single one of them. I think it will be substantially higher in 3 months,” Cheong stated.

Meanwhile, the release of SOL tokens raises concerns about potential selling pressure. A flood of new tokens could increase supply and push prices downward.

Over the past week, Solana’s price dipped to a four-month low of around $136 amid a broader crypto market decline. However, the digital asset’s value has since rebounded to approximately $140 as of press time.

Moreover, this development comes as FTX’s bankruptcy proceedings entered a critical phase, with initial creditor distributions underway.

However, the legal expenses tied to the case are nearing a staggering $1 billion, positioning it among the most costly Chapter 11 filings in US history.