TRX, the native token of the TRON blockchain, has jumped 12% over the previous day, making it the highest gainer within the crypto market.
The worth of TRON (TRX) soared 10.6% on Aug. 21, exchanging fingers at $0.1594, a excessive not seen since April 16, 2021. The token’s every day buying and selling quantity had additionally jumped by 121%, hovering round $1.92 trillion, per knowledge from crypto.information.
Furthermore, TRX’s market capitalization has additionally jumped, standing at $13.89 billion, marking it because the eleventh largest cryptocurrency per CoinGecko.
The surge seems to be fueled by the launch of SunPump, TRON’s try at cashing in on the memecoin hype. In line with Dune Analytics, since its launch, over 18,000 memecoins created on SunPump have raked 7,080,777 TRX (roughly $1.12 million) in complete income as of the time of writing.
In the meantime, TRON’s founder, Justin Sun, has been actively constructing anticipation with the group. In an X post on Aug. 19, Solar revealed that “a number of main meme group leaders” have proven curiosity in shifting to TRON, with out naming them.
Ought to these communities transition to TRON, the community may probably expertise an increase in transaction quantity, which has surged over 1045% for the reason that beta launch of SunPump on Aug. 13. The whole variety of every day lively addresses has additionally jumped over 10%, per knowledge from IntoTheBlock.
As TRON’s transaction quantity surges, overbought alerts loom
Amongst different constructive developments, the TRON blockchain processed transaction settlements amounting to $1.25 trillion in Q2, 2024, as reported by Token Terminal, accounting for one-third of the overall settlement quantity recorded by Visa throughout the identical interval, including to the optimistic sentiment.
Additional, 30-day revenue statistics are additionally extremely constructive for TRON, which surpassed Ethereum’s protocol income by 230%. These developments have pushed the value of TRX in the direction of its 2021 all-time excessive, with the token down simply 31.3% wanting reaching that stage.
TRX’s present worth is barely above the higher Bollinger Band at $0.1532, indicating it’s buying and selling outdoors its typical vary and could also be overbought. The latest surge has pushed TRX past the higher band, suggesting potential resistance or a pullback.
TRON’s Relative Energy Index is at 79.09, above the 70 threshold, confirming sturdy upward momentum but in addition signaling a potential market reversal or consolidation. The general buying and selling quantity for TRX has additionally elevated alongside the value, indicating sturdy purchaser curiosity. Nonetheless, with the RSI in overbought territory and the value exceeding the Bollinger Band, warning is suggested as a correction or consolidation could happen earlier than the following transfer.
Given these technical components, the market could also be making ready to both solidify its good points with some sideways motion or face a pullback, making it crucial to observe for indicators of weakening momentum or elevated promoting strain.
