Justin Sun Predicts Tron (TRX) Meme Coins Will Rally as Token Reaches Highest Level Since August

Tron (TRX), the tenth-largest cryptocurrency, rose to $0.166 as it approached the important resistance point at $0.1700.

Cryptocurrency Tron (TRX) enjoyed a six-day rally, reaching its highest level since August, thanks to a prediction by Justin Sun about the token's ecosystem.

The world's tenth-biggest cryptocurrency rose to $0.166, nearing a crucial resistance point at $0.1700. This level marks TRX's highest point since Aug. 25 and in May 2021.

In a post on X, Sun predicted that the token will perform well in the coming weeks, supported by the resurgence of its meme coin ecosystem.

I believe Tron memecoins are about to experience a second wave of growth. With continuous building and community development, Tron has been steadily progressing. Once TRX breaks its previous high, the FOMO for Tron memecoins won’t be far behind. https://t.co/ksa5GsznMv

However, Tron meme coins have struggled in recent weeks, with investors shifting their attention to Solana (SOL) tokens like Popcat (POPCAT) and Cat in a dogs world (MEW).

According to CoinGecko, all Sun Pump meme coins combined have a market cap of $344 million, down from an all-time high of over $700 million. Most of its top tokens, including Sundog, Tron Bull, and Invest Zone, have declined from their all-time highs.

In his post, Sun highlighted that these tokens are likely to rebound once TRX surpasses its highest price point this year. Such a move could trigger Fear of Missing Out (FOMO) among traders. Similar rebounds have occurred in the past; for instance, Shiba Inu remained in consolidation between May and June 2021 before surging by 1,150% in October.

Despite Tron's overall comeback, other aspects of its ecosystem faced challenges. Data from DeFi Llama showed that volume on Tron's decentralized exchange (DEX) platforms declined by 24% over the last seven days, reaching $756 million.

This placed Tron behind platforms like Mantle, Dexalot, and Sui. Additionally, Tron's DeFi assets dropped by 11% in the last 30 days, reaching $7.15 billion.

Technical analysis reveals strong bullish momentum for TRX on the weekly chart. The token has been in a clear uptrend since bottoming at $0.0454 in 2022. Notably, TRX tends to have a lower correlation with Bitcoin (BTC) and other major coins like Ether and Solana.

Currently, Tron is facing a crucial resistance point at $0.1690, which corresponds to the token's highest level this year. Bulls have managed to keep TRX above the 50-week and 25-week moving averages, indicating that the bulls are still in control.

Therefore, a decisive break above the resistance at $0.1690 could lead to further gains, with a potential target of $0.20.