beincrypto.com
The cryptocurrency market has resumed its downtrend today, with the market cap losing $125 billion over the last 24 hours.
However, a few altcoins have defied the broader downtrend, attracting traders’ attention with their price movements.
Official Trump ($TRUMP)
The Donald-Trump-linked Solana-based meme coin $TRUMP is one of the most searched altcoins today. This comes amid the double-digit surge in MELANIA’s value over the past 24 hours, which has caused it to rank as the market’s top gainer.
$TRUMP trades at $18.33 at press time, registering a 6% price uptick in the past 24 hours. However, despite this rally, readings from its 12-hour chart suggest that bearish control over the meme coin remains significant.
For example, its Elder-Ray Index is at -7.09 as of this writing. This indicator measures the relationship between an asset’s buying and selling pressure in a market. When the index is negative, it suggests that sellers are in control, and the asset’s price is likely to face downward pressure.
Should this play out, $TRUMP could shed its recent gains and fall toward $16.
On the flip side, if the bulls regain market control, they could propel the meme coin’s value to $28.23.
Venice Token ($VVV)
$VVV is a trending altcoin today. Its price has jumped 44% in the past 24 hours despite allegations of misconduct against its developer team.
In a series of posts on X, analyst Ormu claims the team illegally issued themselves $5.7 million worth of $VVV tokens after the Coinbase listing, raising transparency concerns.
According to Ormu’s analysis, the team allegedly sold $450,000 worth of these tokens via a fresh wallet linked to their multi-signature wallets.
However, these claims remain unverified as $VVV notes a double-digit spike today. If the rally continues, the altcoin’s price could touch $6.75.
Conversely, a price correction could cause $VVV to drop below $5 to exchange hands at $3.65.
Solana ($SOL)
Layer-1 (L1) coin $SOL is also a trending altcoin today. As of this writing, it is trading at $205.13, recording less than a 1% price fall. Over the past week, the coin’s value has plunged 12% due to a broader market decline and low activity on the Solana network.
On the $SOL/USD one-day chart, readings from the coin’s Directional Movement Index (DMI) reflect the bearish outlook. At press time, the Positive Directional Index (+DI, blue) is below the Negative Directional Index (-DI, orange), confirming the strength of $SOL bears.
This indicator measures trend strength and direction using two key lines: the Positive Directional Index and the Negative Directional Index. When the +DI is below the -DI, bearish momentum is stronger than bullish momentum, suggesting a prevailing downtrend.
If the downtrend continues, $SOL’s price could fall below the critical $200 level to $187.71.
However, if market sentiment shifts from negative to positive and $SOL accumulation resumes, its price could climb to $229.03.