Tron Surges 35% in 8 Weeks, Eyes $0.45 as Network Activity Hits Record

Tron (TRX) is still going strong, trading at $0.359 on Friday after an 8 week 35% run. The run topped out at $0.37 on Thursday.

Quick overview

  • Tron (TRX) is currently trading at $0.359 after an 8-week surge of 35%, with a recent peak at $0.37.
  • Open interest in Tron futures has reached an all-time high of $610.47M, indicating new capital entering the market.
  • On-chain metrics show strong growth, with total transactions exceeding 11.1 billion and daily peaks reaching 10 million.
  • Technical indicators suggest TRX could test a high of $0.45, but traders should be cautious of potential corrections.

Tron (TRX) is still going strong, trading at $0.359 on Friday after an 8 week 35% run. The run topped out at $0.37 on Thursday. On-chain activity and technicals look good for more upside, possibly all the way to $0.45.

Latest data from CoinGlass shows open interest in Tron futures has hit an all time high of $610.47M, more than double since early July. Open interest rising often means new capital is entering the market and reinforcing the current trend.

On-Chain Growth Signals Strength

Tron’s on-chain metrics are looking good too. CryptoQuant reports total transactions have surpassed 11.1B, with daily averages of 7-9M and peaks of 10M. That’s a big jump from early 2024 activity, meaning more users and more blockchain usage.

Key growth indicators:

  • Transactions: 11.1B total, daily peaks at 10M
  • Open Interest: $610.47M, all time high
  • Price Performance: +35% since mid-June

This is a network growth trend that often precedes big price moves in the crypto market.

Price Outlook and Key Levels

TRX is trading at $0.35 right now, consolidating after Thursday’s high. Technicals are still bullish: RSI is at 73, overbought and MACD has a bullish crossover with expanding green bars.

If the momentum continues TRX could test the December 4, 2024 high of $0.45. But traders should watch out for corrections – if it can’t hold here it will test $0.34.

Market analysts say sustained open interest growth and high transaction volume is good for more upside, but overbought means short term volatility will increase.

ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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