finbold.com
Tron’s TRX token has captured headlines with its remarkable rally, climbing 85% within a single day to break its previous all-time high of $0.23 and reaching a peak of $0.43, according to CoinGecko data.
As of press time, TRX trades around $0.33, marking a 20% increase over the past 24 hours. Its market capitalization has also surged from $19 billion to $36.7 billion, cementing its position as one of 2024’s best-performing cryptocurrencies.
Over the past 30 days, TRX has gained over 98%, with a 220% increase since the start of the year.
What’s driving Tron’s rally?
The sharp rally comes amid a broader market recovery in altcoins, even as Bitcoin (BTC) and Ethereum (ETH) remain relatively flat. Other altcoins, including IOTA (MIOTA), also posted significant gains, benefiting from increased trading volumes and market enthusiasm.
Adding to the momentum, Tron’s founder, Justin Sun, has been at the center of several high-profile moves. These include his role as an advisor to World Liberty Financial (WLFI), supported by Donald Trump, following his $30 million investment in WLFI tokens. Sun’s acquisition of a famed banana artwork at Sotheby’s and comparisons of TRX to Ripple’s XRP have further fueled excitement around the token.
Tron ecosystem thrives amid bull run
The Tron ecosystem has been thriving amid TRX’s price rally. Ecosystem tokens and memes have surged by an impressive 35% on average, with some achieving gains of up to 100%, according to recent data.
Standout performers include Sunlion, which skyrocketed by 139.9%; Topcat, which climbed 114.8%; and FoFar, which increased by 90.2%. In addition, according to DefiLlama, the total value locked (TVL) on Tron-based protocols soared to $12 billion, highlighting the growing adoption of decentralized applications within the network.
Derivatives market signals bullish sentiment
The surge in TRX’s price is supported by robust activity in the derivatives market. Data from CoinGlass reveals a significant surge in TRX’s market activity.
Open interest in TRX futures jumped 90.94% to $434.78 million, while 24-hour trading volume exploded by 518.32% to $8.77 billion. Binance‘s long/short ratio for TRX/USDT stands at 1.9949, with top traders holding a more bullish position at 2.2626. These metrics indicate that traders are overwhelmingly optimistic about further price gains for TRX.
AI predicts TRX year-end price
To gauge TRX’s future potential, Finbold leveraged market data and consulted ChatGPT-4o to analyze its prospects. According to the AI model, TRX is projected to close 2024 trading between $0.42 and $0.48, depending on market conditions and investor sentiment.
This range accounts for possible profit-taking and short-term corrections but underscores the strong momentum behind the token. Should the Tron ecosystem continue expanding and market interest remain high, TRX could even test the $0.50 mark by year-end.
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