Background Information: The official TRUMP token has recently faced pressure, with related wallets transferring $2.4 million worth of tokens through Coinbase, OKX, and Bitstamp within 36 hours, of which Coinbase alone accounted for a massive $1.7 million deposit. This multi-platform distribution may suggest a strategy of profit-taking or market exit.

Main Events: The TRUMP price has short-term support around $9.21, but overall is trending in a downward channel. The RSI indicator shows mild overselling, with bears in control. Bulls have not yet intervened with effective trading volume, and bearish sentiment is increasing, with the long-to-short ratio dropping to 0.83 and bears holding 54.35%. Social media discussion heat has risen to 3.77%, but lacks volume support. Network growth has slowed, with only 1,348 new addresses added, indicating a decline in user adoption.

Potential Impact: The Binance liquidation heat map shows a large number of short liquidations in the $9.60 to $9.80 range, which could become a resistance level. If the price breaks through this range, it may trigger a chain reaction of stop-loss orders, increasing volatility. Overall, unless TRUMP can hold the $9.21 support and break through the liquidation area, downside risk remains. Bulls need to intervene quickly to prevent further declines.