TRON (TRX) surged 70% in 24 hours, after hitting an all-time high of $0.44.
The cryptocurrency’s market cap reached $34.02 billion, making it the 10th largest globally.
TRON (TRX), the native cryptocurrency of the TRON blockchain, has made a remarkable leap by surpassing its previous all-time high yesterday, reaching $0.44. Currently trading at $0.3943, TRX has surged 70.05% in just 24 hours, propelling its market capitalization to $34.02 billion. This growth has solidified its position as the 10th largest cryptocurrency in the world, demonstrating its increasing importance in the crypto space.
The exceptional performance of TRX is underscored by a staggering 545.02% increase in its trading volume over the past 24 hours, which now stands at $15.10 billion. The cryptocurrency’s fully diluted valuation (FDV) mirrors its market cap, reinforcing strong investor confidence.
Several factors have driven TRX’s surge. One of the primary catalysts is TRON’s recent record-breaking blockchain revenue, which reached $21 million on Tuesday, signaling significant growth in both adoption and use. Additionally, Justin Sun, TRON’s founder, has played a pivotal role in its rise. His $30 million investment in Donald Trump’s crypto initiative, World Liberty Financial (WLF).
It has garnered significant attention, aligning TRON with Trump’s pro-crypto stance and boosting investor sentiment. Speculation about TRON potentially being added to Grayscale’s investment portfolio has also fueled optimism, as institutional legitimacy continues to grow.
Is TRX’s Bullish Trend Set to Continue?
From a technical perspective, indicators such as the Chaikin Money Flow (CMF) show strong buying pressure, suggesting that the current momentum could continue. key support levels at $0.20, $0.17, and $0.15, while Fibonacci extensions suggest potential targets in the $0.50 to $0.70 range in the short term.
The TRX rally occurs amid a broader resurgence in the crypto market, fueled by renewed optimism after Donald Trump’s re-election. His promises to make the U.S. a global leader in cryptocurrency have sparked increased bullish sentiment across the market.
As a result, both TRON and meme coins on the TRON blockchain, such as FoFar and TBULL, have seen significant gains. This optimism continues to drive confidence in the crypto ecosystem. Consequently, the growing enthusiasm could further accelerate market expansion in the coming months.
Looking ahead, TRX’s growth trajectory suggests it could continue to challenge major cryptocurrencies like Ethereum (ETH) and Binance Coin (BNB). Analysts predict that TRX could reach $0.50 to $0.60 by the end of 2024. With longer-term projections ranging from $0.75 to $1, contingent on market dynamics and regulatory developments.
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