Top Democratic strategist David Axelrod says Vice President Kamala Harris' campaign is riding on the "irrational exuberance" of the Democratic Party following President Biden's withdrawal.

Axelrod made the statement in an interview with CNN Newsroom this weekend. Harris' campaign has surged out of the gate with record fundraising and cutting away at Trump's lead in polls.

"She has a lot of momentum, but if you do look at the polling, this is still a really tight race," he said. "This is going to be a hard fight for either side. It’s based on the numbers we’re seeing right now."

"Look, I mean, there’s a lot of irrational exuberance on the Democratic side of the aisle right now, because there was despair for some period of time about what November was gonna look like," he continued. "Now people feel like there’s a chance."

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Axelrod nevertheless argued that Trump still holds an advantage over Harris despite close polling.

"It’s absolutely Trump’s race to lose right now. He is ahead," he said. "And he is ahead in most of the battleground states. They’re close, they can be won by either candidate."

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He went on to say that everyone should remain "sober" about their chances on the Democratic side.

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Fox News polls conducted after Biden's blockbuster announcement in three of the seven crucial states – Michigan, Pennsylvania, and Wisconsin – indicated Trump and Harris are neck-and-neck.

Additionally, in Minnesota and New Hampshire the latest surveys suggest that Democrats are reestablishing single-digit leads with Harris at the top of the ticket. Republicans have not won a presidential election in decades in either state, but recent polls showed Trump to be very competitive with Biden.

Some pollsters argue that Harris may drop in the polls in the coming months as the shock of Biden's withdrawal wanes.

"Before long, Harris’ ‘honeymoon’ will end and voters will refocus on her role as Biden’s partner and co-pilot. As importantly, voters will also learn about Harris’ dangerously liberal record before becoming Biden’s partner," veteran GOP pollster Tony Fabrizio, who polls for the Trump campaign, predicted last month.

Fox News' Paul Steinhauser contributed to this report.