TRON ($TRX) Fighting for an Uptrend

Analysts believe TRON’s breakout target of $1.11 is still achievable, indicating a potential 516% rally from current levels.

This follows an earlier prediction that TRX’s upward movement could see a minimum gain of 444%.

TRON’s Possible 516% Surge

As per CoinMarketCap, TRX was trading at $0.2292, reflecting a 0.58% daily decline, and its market cap stands at $21.76 billion. Trading volume dropped 41.92% in the last 24 hours to $715.6 million, suggesting decreased trader interest. The circulating supply remains unchanged at 95.01 billion TRX.

TRX’s price may also react to Justin Sun’s announcement about launching wrapped TRON on Solana, potentially increasing demand as this integration would attract more investors and traders. Furthermore, TRX could gain value by serving as collateral in Solana’s lending protocols.

If TRX integrates well, accessing a larger user base could trigger another price surge. However, risks related to fraudulent tokens imitating TRX on Solana remain. Still, successful adoption might pave the way for significant price growth in the long term.

TRX Technical Analysis and Market Outlook

The 4-hour charts indicate a long-term end to the downtrend, with prices poised to enter a bullish zone. The recent price broke through a descending channel, signaling a potential trend reversal or at least a brief relief rally. This improved momentum is backed by the Awesome Oscillator (AO), which is showing positive signals for bullish strength.

The $0.2450 level stands as a key resistance zone, previously acting as a strong supply zone that led to rejections. If TRX approaches this resistance again, it may either face rejection or experience a breakout that pushes prices higher.

The presence of strong green candles implies aggressive buying pressure, likely due to short covering and new long positions. The price has risen significantly with minimal pullback, indicating buyer control. Nevertheless, a short-term retracement may be expected before a further upward movement.

While TRX is currently within the highlighted resistance zone, a breakthrough could propel it toward $0.2500. Conversely, a rejection could push it back to around $0.2250. Historically, if TRX maintains its trend, it may hover around the $1.11 vicinity, aligning with its potential for a 516% rally.