TRON (TRX) is another altcoin on the Tron blockchain which has garnered much attention recently and also hit its record high of $ 0.43. This surge marks nearly seven years since its previous peak, underscoring a dramatic resurgence fueled by various market dynamics, community engagement and strategic moves by its founder, Justin Sun.
TRX's recent rally has been nothing short of impressive. Over the past week, the cryptocurrency has surged 67.49%, despite experiencing a 13.39% drop in the last 24 hours. The bullish momentum peaked at $0.43, coinciding with broader market enthusiasm surrounding altcoins and increased interest in Tron’s ecosystem.
Contributing to the bullish sentiment are several noteworthy milestones:
Stablecoin Activity: Transfer volume in its own stablecoin reached $500+ billion in November, being $150 billion more than that of the previous year and overtaking such partners as Solana and Base.
Transaction Growth: The total number of transactions on Tron was over 9 billion and the number of accounts reached 276 million proving that Tron has its community with application on how the network can be used.
Revenue Metrics: There was also a daily all-time high of blockchain revenues of Tron which showed the company had a strong ecosystem.
One way which has benefited the TRX base is increased engagement and announcement from its founder, Justin Sun, who teased major events in the platform such as the possibility of the launching of RLUSD – a USD backed coin based on the ripple model – on the Tron ecosystem. This could again provide TRX an edge in the stablecoin market after recently losing the top spot for USDT issuance to Ethereum (ETH).
Further to the hype, Sun has come out in the public and refer to TRX as the “Next XRP”. This statement in addition to the recent, progressively ascending price of XRP and institutional adoption; has set the community into speculating that the same path is in the works for TRX. Sun’s drive to position Tron for a new more favourable US regulatory structure in the new incoming administration also supports his strategic long-term vision.
TRX’s weekly RSI has reached 90, indicating overbought conditions. This leaves much room for the Rally to Correct in the Short Term before it starts moving up again. To the downside, the sell-off could pull to the $0.30 or even $0.25 zone before a subsequent advance as traders take a breather after the recent moves.
Despite the short-term corrections possibility, the broader outlook for TRX remains bullish. The crypto integration into the stablecoin market, strategic positioning and its ongoing community support provide a strong foundation for a much sustained growth.
Even in the current development, several areas such as the establishment of stablecoins and compliance with current trends has the potential to greatly boost Tron. Based on the next release of RLUSD and comparing it with XRP the TRX looks to be an important player in the altcoin market.
Combined with the increasing popularity of the ecosystem with Justin Sun at the top and ongoing crypto bull markets, TRX may sooner or later make another attempt to ride the surge.