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MAGA price poised for decline following negative on-chain data

  • The MAGA Network Realized Profit/Loss metric shows downward spikes, indicating that, on average, holders are selling their assets and increasing selling pressure.
  • TRUMP Exchange Flow Balance shows a positive spike, signaling a bearish price move.
  • On-chain data shows tokens from dormant wallets are moving again.
MAGA price poised for decline following negative on-chain data
Manish ChhetriManish ChhetriFXStreet

MAGA (TRUMP) price continues to decline, trading down by 2.5% at $3.08 on Friday after a 20% drop since Monday. The Network Realized Profit/Loss metric shows rising selling pressure and a positive spike in the TRUMP's Exchange Flow Balance signals a bearish trend, indicating further declines in the upcoming days.

MAGA price faces pressure to return to earlier lows

Santiment's Exchange Flow balance for TRUMP shows the net movement of tokens into and out of exchange wallets. A positive value indicates more TRUMP tokens entered than exited exchanges, suggesting selling pressure from investors. Conversely, a negative value indicates more TRUMP left the exchange than entered, indicating less selling pressure from investors.

In MAGA's case, the Exchange Flow balance spiked from 10,218 to 168,350 from Tuesday to Thursday. This positive spike indicates increased selling activity among investors.

During this event, the TRUMP Supply on Exchanges rose by 11% in two days as holders sent their tokens to exchanges and increased selling activity. This is a bearish development, further suggesting that the TRUMP price could decline in the upcoming days.

TRUMP Exchange Flow Balance and Supply on Exchange chart

TRUMP Exchange Flow Balance and Supply on Exchange chart

According to Santiment's Age Consumed index, spikes in this index suggest that dormant tokens (tokens stored in wallets for a long time) are in motion and can be used to spot short-term local tops or bottoms.

Historical data shows that the spikes in the index were followed by a crash in MAGA's price. The most recent uptick on July 14 also forecasted that TRUMP was ready for a downtrend.

TRUMP Age Consumed chart

TRUMP Age Consumed chart

Santiment's Network Realized Profit/Loss (NPL) indicator computes a daily network-level Return On Investment (ROI) based on the coin's on-chain transaction volume. Simply put, it is used to measure market pain. Strong spikes in a coin's NPL indicate that its holders are, on average, selling their bags at a significant profit. On the other hand, strong dips imply that the coin's holders are, on average, realizing losses, suggesting panic sell-offs and investor capitulation. 

In TRUMP's case, the NPL indicator slumped from 265,530 to -1.12 million on Thursday. This massive negative downtick indicates that the holders are, on average, realizing losses and increasing the selling activity.

TRUMP Network Realized Profit/Loss chart

TRUMP Network Realized Profit/Loss chart

Author

Manish Chhetri

Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.

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