
TRX Price Eyes Breakout as Its Stock Up Over 40%
The TRX price has been exhibiting a remarkable uptrend since April, and its latest surge of over 40% has brought the token closer to breaking out of a crucial resistance. The extraordinary resilience shown by TRON has not only defied recent market downturns but also outperformed many major altcoins.
The significant milestone achieved by SRM Entertainment, now rebranded as TRON Inc., is likely to have contributed to this remarkable rally. It’s worth noting that the change in ticker symbol from SRM to TRX on NASDAQ has further solidified its stance in the market.
From an on-chain perspective, TRX crypto boasts a robust performance, with an average daily revenue of $2 million. This substantial increase in network fees alone suggests strong growing utility and demand for the token, driven by users and developers alike. Furthermore, the 100-day moving average of transactions has almost reached an all-time high.
With institutional investors increasingly interested in TRX, data from reputable sources indicates that WLFI acquired 40.71 million TRX by investing $9.83 million at an average price of $0.242, resulting in a staggering 25% unrealized profit. Moreover, TRON Inc., formerly SRM, has also purchased 365 million TRX crypto for $100 million at an average price of $0.274 and is now holding an impressive 10% unrealized gain.
The technical setup indicates that the TRX price is poised to challenge its ATH (All-Time High) in Q4 2024, as per CryptoQuant’s analysis. This development may result in a massive surge if the current trend continues.
While some traders may be cautious and prepared for potential fake-outs or short-term pullbacks, it’s crucial to emphasize that this impressive rally demonstrates TRX’s resilience against market fluctuations.
In conclusion, with all these factors coming together – strong fundamentals, rising optimism, institutional support, and a powerful technical setup – the current momentum has set the stage for an imminent breakout in the TRX price.
Source: coinpedia.org