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Justin Sun attracted attention with his comments on Tron’s (TRX) steps toward enhancing Bitcoin (BTC) interoperability following the recent partnership with an Ethereum Virtual Machine-compatible Merlin Chain.
Taking baby steps to support Bitcoin's layer 2 solutions on #TRON. #Bitcoin https://t.co/9lo4tcyUFL
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 27, 2024
Meanwhile, the partnership with Merlin Chain comes after TRON unveiled plans to integrate with the BTC network.
Merlin Chain is a native BTC Layer2 solution that integrates a decentralized Oracle network, zk rollups, and on-chain BTC fraud-proof units. The EVM-compatible chain raised funds for its development initiatives recently.
Justin Sun stated that the move will support Bitcoin Layer2 solutions on TRON, increasing utility and enhancing financial accessibility for the altcoin.
TRON boasts more than 200 million users, who might boost Merlin Chain scaling, whereas the former benefits from improved support for Bitcoin L2s.
TRX price skyrockets to new highs
TRON surged to yearly peaks on Tuesday as it traded at $0.1420. Massive token burns and the latest partnership likely catalyzed the significant gains.
The altcoin might extend the upside toward the May 2021 high of $0.1530.
However, indicators show TRX has lost its steam and might dip toward the 23.6% FIB retracement support before kick-starting a solid uptrend to the target at $0.1530.
The Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) suggest a potential correction for TRON before upside resumption.
Nonetheless, TRON’s move to support Bitcoin L2s will boost its growth in the long run.
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