- The surge in Tron TRX’s price follows a bold statement from TRON founder Justin Sun, who compared it with XRP, hinting at a similar rally.
- The Money Flow Index (MFI) indicates continued buying pressure, suggesting the possibility of further gains for TRX, potentially approaching $1.
Tron’s native cryptocurrency, TRX, has pulled off a massive rally this week, registering a staggering 66% gain in the last 24 hours and surging to its new all-time high of $0.44 earlier today. With this, TRON (TRX) extends its weekly gains to 81%, thereby matching the recent price rallies of XRP and Cardano (ADA).
As a result of this rally, TRON’s market cap surged to $37 billion, while its daily trading volume surged by a massive 372% to $15 billion.
As TRX continues to rise, it seems to be part of a larger trend, with other cryptocurrencies like XRP and Hedera (HBAR) also seeing bullish activity. This momentum is fueled by speculation around shifting regulatory landscapes in the U.S.
In contrast, market leaders like Bitcoin and Ethereum have shown minimal movement, with funds shifting away from these giants and meme coins toward established projects like TRX, per the CNF report. Speaking on the development, Pat Zhang, head of WOO X Research, said:
Most older projects are fully circulated and have dropped over 90% from their peaks, allowing small amounts of capital to boost prices and attract market liquidity significantly.
The influx of capital into TRON signals increasing investor confidence, driven by speculation, particularly regarding TRX’s potential inclusion in Grayscale’s investment portfolio. Grayscale has already listed TRX among its 35 tokens under review, adding a layer of institutional credibility, per the CNF report.
Tron (TRX) Price Rally Will Continue to $1?
This explosive surge in TRX came after a bold statement from Tron founder Justin Sun, who declared on December 2 via X that TRX is the next XRP, sparking speculation and excitement among investors.
TRX=XRP
— H.E. Justin Sun (@justinsuntron) December 3, 2024
On the daily chart, Tron’s TRX faced resistance at $0.43, leading to a pullback to $0.39. However, the Money Flow Index (MFI) suggests that this retracement may be temporary.
The MFI gauges capital inflow into a cryptocurrency. While a drop indicates selling pressure, the MFI has continued to rise, signaling increased liquidity and buying pressure in the TRX market.
If this trend persists, TRX could bounce back above $0.45. In a highly bullish scenario, it may even approach $1, potentially matching XRP’s performance. However, if profit-taking by TRX holders occurs, the price could dip to $0.33.
As part of the TRX price rally, tokens launched on the Tron blockchain also saw massive run-up, especially the network’s native meme coins. While many meme coins are on a downward trend, those on the TRON blockchain are bucking the trend.
For example, the FoFar (FOFAR) token surged 240% within 24 hours, highlighting the growing demand for TRON-based assets. This momentum suggests that the market sentiment is primed for continued growth as the crypto landscape evolves.
