Tron Price Prediction: TRX Targets $1 as It Becomes the Second Biggest Blockchain in DeFi

Tron price went parabolic in the overnight session, making it the second best-performing cryptocurrency after Reserve Rights (RSR).

Tron (TRX) price soared on Friday, continuing its strong rally that saw it briefly hit a new all-time high. The TRX token surged by more than 25% in 24 hours, making it the second best-performing cryptocurrency after Reserve Rights (RSR).

Tron price soared after Justin Sun predicted it will perform like XRP, XLM

Tron price soared as cryptocurrency markets remained hot. The TRX token briefly rose to an all-time high of $0.19 before easing back slightly. It is now trading at about $0.18, which is significantly lower than its record high of $0.24 that was reached in early 2018.

The Tron price surge came a few days after its founder, Justin Sun, predicted that TRX will have a strong performance in 2023. In a tweet on Wednesday, Sun highlighted the impressive performance of XRP and XLM and expressed optimism that TRX will join them in having a good year.

Crypto Analysts see Tron price hitting $1

Tron price continued its strong rally, pushing its market cap to over $26 billion. It has now become the tenth-biggest cryptocurrency, passing other popular coins like Avalanche, Toncoin, and Shiba Inu.

Tron’s surge coincided with the start of the altcoins season, with the closely watched index rising to over 80. Similarly, the crypto fear and greed index rose to the extreme greed area of 82. In most cases, cryptocurrencies like Tron and Ripple do well when the two indexes are rising.

Tron price also jumped as the total market cap of all SunPump tokens soared. Data from CoinGecko showed that the market cap rose by almost 20% to over $275 billion. The biggest of these coins are Sundog, Tron Bull, Tron Bull Coin, and Suncat.

Meanwhile, data from DeFi Llama showed that Tron overtook Solana to become the second-biggest blockchain in the decentralized finance (DeFi) industry. Its total value locked jumped to over $10 billion, compared to Solana’s $8.85 billion.

Tron’s open interest in the futures market also went parabolic, reaching a high of $302 million, which is the highest since 2022.

As a result, some analysts believe that Tron has what it takes to jump to $1 as some coins like Ripple have done recently. For TRX to hit $1, it needs to rise by about 233%, which is possible if the crypto bull run continues.

$TRX Hits a NEW ATH for the First Time Since 2018

The Tron Dao (@trondao) also crossed a $20 Billion MarketCap today.

When $1 TRX, @justinsuntron?

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Tron price gets severely overbought

The weekly chart shows that the TRX price is on track for its best week on record. It recently broke above the crucial resistance at $0.1776, its highest level in April 2021. It was also the upper side of the cup and handle pattern, a popular bullish sign.

The coin has broken above all moving averages. However, Tron price has also become severely overbought, with the Relative Strength Index (RSI) rising to 88 and the Stochastic oscillator nearing 100.

Measuring the depth of the cup shows that it is about 70%. If we measure that same distance from the upper side, we see the target at $0.30, which the pair has reached.

There is a risk that the oversold Tron price could have a sharp reversal and drop to $0.1800. This decline could also be triggered by mean reversion, where the coin drops to its mean price.