The memecoin TRUMP, based on Solana, has shown a remarkable performance as it surged by more than 10% in the last 24 hours, amidst increased trading activity. The surge in demand is linked to the upcoming private dinner that President Donald Trump will host at his Virginia golf club outside of Washington, D.C., for the top 220 holders of the TRUMP token.

The TRUMP memecoin has gained 13% in the past day, making it the leading gainer in the market. This rally highlights the growing excitement among investors ahead of the dinner event, drawing significant attention within the crypto community. Adding to the positive momentum is a recent endorsement by Justin Sun, the billionaire founder of the Tron Network, who disclosed himself as the largest holder of the TRUMP memecoin. This endorsement has likely influenced increased buying pressure and investor interest in the token over the last 24 hours.

Technical analysis indicators also support the optimism surrounding TRUMP. The meme coin has rebounded from its 20-day Exponential Moving Average (EMA) at $12.99, indicating a bullish trend and positive momentum. Additionally, the Directional Movement Index (DMI) for TRUMP spot markets shows a stronger bullish momentum than bearish momentum, signaling a prevailing uptrend and buying pressure in the TRUMP market.

At present, TRUMP is trading at $14.32, above the $12.99 support level provided by its 20-day EMA. With increased demand, this support is expected to strengthen and push TRUMP's price towards $19.28. However, there might be risks of a potential drop in price if profit-taking occurs, risking a break below $12.99 and a further decline to $10.76.