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The hourly chart shows that positive momentum has picked up its pace to the point of pushing the Relative Strength Index (RSI) to wildly overbought levels at 81. This is an extreme reading that could have positioned Trump for a sharp pullback, as early rally buyers could be prepared to cash in on their fruitful trades.
Meanwhile, the MACD’s histogram shows that positive momentum is already on a descent. This does not necessarily mean that a pullback will occur, as this would only be confirmed if the RSI crosses below the signal line.
Solana’s DeFi Apps Benefit from TRUMP’s Rally Too
TRUMP’s influence on Solana’s network activity is no small thing. The token already caused transaction delays when the President publicly acknowledged his link to the meme coin.
In fact, Coinbase was forced to issue an apology amid a backlog of TRUMP orders that were not fulfilled timely as the Solana blockchain experienced significant congestion.
Apart from SOL, Jupiter (JUP), the native asset of Solana’s most popular DEX aggregator, and Raydium (RAY), the ecosystem’s largest decentralized exchange, are also experiencing 16.6% and 16.8% upticks in their prices.
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