Tron (TRX) has seen an impressive rally, with six consecutive days of growth bringing its price to its highest level since August.
This surge, spurred by Tron founder Justin Sun’s optimistic prediction about the ecosystem’s future, has propelled TRX to $0.166, just shy of its key resistance level at $0.1700—a peak it last hit in August 2021.
Justin Sun Predicts TRX and Meme Coin Revival
In a recent post on X, Sun expressed confidence in TRX’s potential for continued gains in the coming weeks, supported by a revival in Tron’s meme coin ecosystem. This segment of the Tron network has struggled recently as attention shifted to Solana-based tokens like Popcat (POPCAT) and Cat in a Dogs World (MEW). Currently, the Sun Pump meme coins hold a combined market cap of $344 million, down from a high of over $700 million. Key tokens like Sundog, Tron Bull, and Invest Zone remain well below their peak valuations.
Sun suggests that if TRX reaches new highs, it could spark FOMO (Fear of Missing Out) among traders, creating further momentum for Tron’s meme coins. Historically, this pattern has led to rapid price increases; for instance, Shiba Inu saw a similar consolidation period in mid-2021 before it skyrocketed by 1,150% in October that year.
Tron’s Ecosystem Shows Mixed Signals
While Tron’s price and meme coins are trending up, other parts of its ecosystem face challenges. According to DeFi Llama, Tron’s DEX platforms experienced a 24% decline in trading volume over the last seven days, totaling $756 million. Additionally, Tron’s total DeFi assets have dropped 11% in the past 30 days, sitting now at $7.15 billion. Competing platforms, including Mantle, Dexalot, and Sui, have recently gained traction, highlighting some market shifts.
Tron’s Technical Indicators Signal Strength
On the weekly chart, TRX shows strong technicals, maintaining an uptrend since reaching a low of $0.0454 in 2022. Notably, Tron’s performance often diverges from major assets like Bitcoin (BTC) and Ethereum (ETH), with a unique trading pattern that could continue driving its current rally.
Currently, TRX is aiming to surpass the crucial resistance level of $0.1690, its highest price point this year. With TRX holding steady above both the 50-week and 25-week moving averages, bulls appear to be in control. Should TRX break above the $0.1690 resistance, analysts predict it could reach $0.20 in the near term, making it one of the coins to watch in the current bullish cycle.
