- TRON (TRX) rose 70% in 24 hours, after hitting an all-time high of $0.44.
- The cryptocurrency’s market capitalization reached $34.02 billion, making it the tenth largest globally.
TRON (TRX), the native cryptocurrency of the TRON blockchain, has made a notable jump, surpassing its previous all-time high yesterday, reaching $0.44. TRX is currently trading at $0.3943 and is up 70.05% in just 24 hours, boosting its market capitalization to $34.02 billion. This growth has solidified its position as the 10th largest cryptocurrency in the world, demonstrating its growing importance in the crypto space.
TRX’s exceptional performance is underlined by a staggering 545.02% increase in its trading volume in the last 24 hours, which now stands at $15.10 billion. The cryptocurrency’s fully diluted valuation (FDV) reflects its market capitalization, reinforcing strong investor confidence.
Several factors have driven the rise of TRX. One of the main catalysts is TRON’s recent record blockchain revenue, which reached $21 million on Tuesday, indicating significant growth in both adoption and usage. Additionally, Justin Sun, the founder of TRON, has played a pivotal role in its rise. His $30 million investment in Donald Trump’s crypto initiative, World Liberty Financial (WLF).
It has attracted significant attention, aligning TRON with Trump’s pro-cryptocurrency stance and increasing investor sentiment. Speculation about the possible addition of TRON to Grayscale’s investment portfolio has also fueled optimism, as institutional legitimacy continues to grow.
Will TRX’s bullish trend 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 near term.
TRX’s rally comes amid a broader resurgence in the cryptocurrency market, fueled by renewed optimism following Donald Trump’s re-election. His promises to make the United States a global leader in cryptocurrencies 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 leading cryptocurrencies like Ethereum (ETH) and Binance Coin (BNB). Analysts predict TRX could reach between $0.50 and $0.60 by the end of 2024. With longer-term projections ranging between $0.75 and $1, depending on market dynamics and regulatory developments.
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