The price of Tron (TRX) has been on a steady upward trajectory since the beginning of 2023. This is despite the short-term crypto correction observed since March of this year. As a large-cap altcoin boasting a fully diluted valuation of approximately $13.7 billion and an average daily traded volume surpassing $451 million, TRX has been retesting its 2021 all-time high (ATH) in recent weeks.
Having underperformed during the 2021 crypto bull run compared to its peers, TRX is now strategically positioned for a significant bull run in the foreseeable future. The altcoin industry has been gearing up for a major breakout after lagging behind Bitcoin over the past few months.
Rising Adoption of the Tron Network
The Tron network has evolved into a dynamic web3 ecosystem, boasting over 153 million holders. According to on-chain data analytics, Tron ranks as the second-largest web3 ecosystem following Ethereum (ETH), based on funds locked by various DeFi protocols. As of the present, the Tron network has recorded over $7.4 billion in total value locked (TVL) along with a stablecoin market cap exceeding $60 billion. In the past 24 hours alone, the Tron network reported over 2.3 million active addresses.
On October 15, the Tron network announced a revenue of $7.28 million, marking a 170 percent increase compared to the same period the previous year. This notable surge in revenue is largely attributed to the burgeoning meme coin market led by Sundog (SUNDOG). As reported, Tron’s meme coin ecosystem boasts a market cap exceeding $373 million, with a daily average traded volume around $97 million.
Midterm TRX Price Target
From a technical analysis perspective, TRX’s price against the US dollar is poised for a major bullish breakout. Observing the weekly time frame, TRX has been forming an ascending symmetry triangle since 2018, thereby accumulating substantial bullish momentum. A consistent close above the 2021 ATH will likely propel the TRX price toward 30 cents in the near term. Conversely, breaching the macro-rising logarithmic support level could trigger a significant sell-off.
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