TLDR:
- TRON (TRX) price has surged 11-12% in the past 24 hours, reaching $0.1602
- TRX has entered the top 10 cryptocurrencies by market cap, surpassing Cardano (ADA)
- Open interest in TRX has jumped 56% in 24 hours, signaling high investor interest
- TRON founder Justin Sun announced integration of meme coin communities and launched SunPump platform
- Analysts predict TRX could reach $0.18-$0.20 by end of August if bullish momentum continues
TRON (TRX) has seen a price surge in recent days, gaining over 11% in the past 24 hours to trade at $0.1602 as of the latest data.
This price action has propelled TRX into the top 10 cryptocurrencies by market capitalization, surpassing Cardano (ADA) in the process. The surge comes amidst a flurry of positive developments for the TRON ecosystem and growing investor interest.
One of the most notable indicators of TRON’s momentum is the massive spike in open interest, which has jumped by 56% in just 24 hours according to data from CoinGlass.
This surge in open interest suggests that traders are increasingly bullish on TRX’s prospects and are opening new positions at a rapid pace. Trading volume for TRX has also skyrocketed, increasing by over 111% to reach $1.9 billion.
The catalyst for this renewed interest in TRON appears to be linked to recent announcements from founder Justin Sun. Sun revealed that several influential leaders from meme coin communities have expressed interest in integrating with the TRON ecosystem.
To facilitate this integration, TRON has launched SunPump, a new platform focused on the creation and trading of meme coins on the TRON blockchain.
This move into the meme coin space seems to be paying off, with Dune Analytics data showing that over 5,596 meme coins have been created on TRON since SunPump’s launch. These new tokens have generated more than 2 million TRX (approximately $257,779) in revenue for the network. On August 17 alone, 1 million TRX was spent on meme coin creation, marking a single-day high.
From a technical analysis perspective, TRX has broken through several key resistance levels. The token is now trading above both its 50-day and 200-day Simple Moving Averages, a bullish signal that suggests the uptrend may continue. The Relative Strength Index (RSI) remains in overbought territory, indicating strong buying pressure, though some analysts caution this could lead to a short-term pullback.
Looking ahead, many analysts are bullish on TRON’s prospects. Some predict that TRX could reach $0.18 in the near term, which would mark a new all-time high for the token. More optimistic forecasts suggest TRX could potentially hit $0.20 or even $0.30 in the coming weeks if it can maintain its current momentum.
TRX’s rapid gains could lead to a period of consolidation or correction. The RSI’s overbought reading suggests that some profit-taking could occur in the short term. Support levels to watch include $0.14, which previously acted as resistance.
