Despite the recent market downturn that has seen Bitcoin (BTC) drop to $104,500 level yet again, TRX is defying the dip. Ranking at #9 in market capitalization, the coin has recorded a 1.35% surge on the day while other top 10 cryptocurrencies struggle, as per CoinMarketCap. But what’s behind the TRX price resilience?
TRX’s recent price performance is majorly bolstered by the surging Tron network activity. Data shows that the Tron network is currently enjoying improved on-chain metrics.
Tron’s Daily Active Addresses Hits a New High
The Tron network has seen heightened investor interest lately. This is clearly depicted by the surging on-chain metrics. For instance, the daily active addresses on the Tron network are surging. As per an analysis by CryptoQuant, the 50-day and 100-day moving averages of active addresses on the Tron network have reached new highs.
A surge in daily active addresses is usually associated with an upcoming price surge. In fact, the CryptoQuant analysis linked Tron‘s recent price resilience with the ongoing surge in daily active addresses. Furthermore, CryptoQuant expects the increased network activity to bolster the price of TRX moving forward.
“TRX price shows significant upward movement, reflecting a notable correlation with increased active addresses. While price growth hasn’t fully matched the recent acceleration in address activity, the sustained uptrend in the 50/100-day moving averages suggests a solid foundation for potential continued price appreciation,” CryptoQuant analysis read.
Tron (TRX) Price Performance and Technical Outlook
With increased network activity, TRON could be gearing for a surge. As at the moment, the 4-hour chart of TRX on TradingView shows that the coin is trading at $0.2732 as at press time. While the current upward price movement is not much, it depicts the strong resilience in tandem with increased network activity.
Additionally, the Relative Strength Index of Tron, shows that TRX is due to continue to surge in the short term. The chart above shows that TRX’s RSI currently sits at 58.43 rising from 55.64 over the last 4 hours. This surge shows increasing bullish momentum for the Tron coin.
Analysts Eye a Tron Surge to $1
Amidst the recent TRX price resilience despite struggles amongst other coins, analysts believe that Tron could be set for a breakout. In particular, Wise Advice believes that Tron (TRX) might reach $1 in this cycle.
“TRX has given the best performance out of the top 10 coins since the start of this year. Despite all the major altcoins bleeding, TRX held well. It looks like @justinsuntron will send TRX to $1 this cycle,” Wise Advice shared on X.
The analyst also believes that if TRX achieves a market cap similar to that of Solana (SOL), its price could surge to $0.88. As at the moment, data by CoinMarketCap shows that Solana has a total market cap of $79.9 billion.
From the current price level, a surge to $1 would mean a 270% surge for the price of Tron (TRX). While still a bit ambitious, with increased adoption, this level is achievable.
