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Tron ($TRX) has registered a 1.26% decrease in price to trade at $0.2441 in the last 24 hours. However, a notable development in the Tron ecosystem has teased a major sell wall on the horizon. The sell wall was isolated, as showcased by the IntoTheBlock data.
10.45 billion $TRX sell wall: Barrier to growth?
For clarity, a sell wall occurs when holders place many orders at the same price level. This situation could discourage likely buyers from purchasing the asset as they consider it a strong resistance to the price increase.
IntoTheBlock’s Global In/Out of the Money data shows that 10.45 billion $TRX is currently a barrier to $TRX's rise to higher levels. The average price of this volume of $TRX stands at $0.2781, with a price range between a maximum of $0.4553 and a minimum of $0.2514.
Given the market price of $TRX at $0.2441, 6.22 million addresses are currently losing money. This development is significant as this large concentration of sellers could serve as resistance to further price growth for $TRX.
Meanwhile, trading volume has dipped by a massive 33.99% to $480.99 million in the last 24 hours, according to CoinMarketCap data. This signals buyers have become more cautious and unwilling to tie down their funds. They likely suspect $TRX’s price might have difficulty posting upward movement.
Justin Sun’s $ATH prediction faces countdown pressure
Interestingly, Justin Sun, the founder of Tron, recently made a bold bullish prediction for $TRX. Sun believes the coin has all it takes to post a new all-time high ($ATH) between now and June's end.
$TRX has seen a significant 2.44% growth in the last seven days despite current indicators. It will interest market observers to see how $TRX shakes off the current sell wall and strives for Sun’s predicted $ATH.
It is worth noting that $TRX’s current $ATH of $0.4407 was reached in December 2024. Thus, Tron has about 70 days to close the approximately 45% price-performance gap before Q2 ends.