Tron (TRX) has been gaining attention in the crypto market today. In the last 24 hours, it has ranked as one of the top-performing altcoins on CoinMarketCap.
The TRX coin is changing hands for $0.2353, a 5.62% increase over the previous 24 hours. Its market cap has grown to $22.36 billion, and the trading volume in the last 24 hours is $1.12 billion, showing a 60.65% rise in trading activity.
Earlier today, TRX reached a peak price of $0.243, indicating strong buying interest. Since then, it has corrected slightly and now stabilizes around $0.235. Despite this slight correction, the increased trading volume indicates ongoing investor interest and the potential for further gains.
Why is TRX Coin Going Up Today?
The price of Tron (TRX) has increased after Justin Sun, the founder of Tron, announced plans to integrate TRON with the Solana blockchain.
As reported by BanklessTimes, if this integration happens, it could allow users to swap TRX and SOL tokens directly between the TRON and Solana networks, increasing liquidity and potentially prices in the near term.
Similarly, the meme coin sector on the Tron blockchain is gaining momentum, with Justin Sun promoting the Tron Meme Season. Sun Pump, the first meme fair launch platform on Tron and similar to Solana’s Pump.fun, has seen a surge in activity over the past day.
On March 18, 122 new tokens were launched on the platform, marking the first time in four months that daily token launches exceeded 100. On March 19, TRONSCAN data indicates that 265 Tron meme coins have already been launched.
So far, 95,789 tokens have been released, generating 36,374,191 $TRX in fees, amounting to over $8.5 million at present.
Additionally, recent insights from Dune Analytics show that stablecoins contribute significantly to transaction volume on TRON, maintaining its role as a pivotal blockchain for payment and DeFi applications. TRX gains from increased liquidity and network effects as more capital enters the ecosystem.
Tron Price Prediction: A Breakout Toward $1.11 Looms
Crypto analyst Javon Marks has shared a bold TRX price prediction with his 54k followers on X. In a recent tweet, Marks said that TRX might reach a target price of $1.11. If this happens, it could rise by an impressive 516% from its current value.
This price prediction is based on TRX’s historical performances, showing a trend of consolidation before significant price jumps. Marks’ chart indicates a breakout from a large symmetrical triangle pattern, which is a bullish sign typically leading to significant price increases.
To maintain its upward momentum, the TRX coin needs to rise clearly above the $0.242-$0.25 resistance zone. If it does this with strong trading volume, it could aim for the $0.30-$0.35 range as the next major target before possibly reaching $1.11.
On the downside, should the TRX price face rejection, investors should monitor the crucial support levels at $0.22 and $0.20. If it falls below these levels, it could lead to a retest of the $0.18-$0.19 area, although the current market sentiment still looks favorable.
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