TRON (TRX) Captures Headlines with 85% Daily Rally, Reaching New All-Time High of $0.43

Tron's TRX token has captured headlines with its remarkable rally, climbing 85% within a single day to break its previous all-time high of $0.23 and reaching a peak of $0.43, according to CoinGecko data.

Tron’s native token, TRX, has made headlines with an impressive 85% rally in a single day, breaking its previous all-time high of $0.23 and reaching a peak of $0.43, according to data from CoinGecko.

At the time of writing, TRX trades around $0.33, showcasing a 20% surge in the past 24 hours. Its market capitalization has also surged from $19 billion to a high of $36.7 billion, solidifying TRX’s position as one of 2024’s best-performing cryptocurrencies.

Over the past 30 days, TRX has gained an astonishing 98%, and since the start of the year, the token has surged by a massive 220%.

What’s driving Tron’s rally?

The sharp rally comes as altcoins recover despite Bitcoin (BTC) and Ethereum (ETH) remaining relatively flat. Other altcoins, such as IOTA (MIOTA), also posted significant gains, benefiting from increased trading volumes and market enthusiasm.

Adding to the momentum, Tron’s founder, Justin Sun, has been at the center of several high-profile moves. These include his role as an advisor to World Liberty Financial (WLFI), which is backed by Donald Trump, following his $30 million investment in WLFI tokens. Sun’s acquisition of a famed banana artwork at Sotheby’s and comparisons of TRX to Ripple’s XRP have further fueled excitement around the token.

Tron ecosystem thrives amid bull run

The Tron ecosystem has been thriving amid TRX’s price rally. According to recent data, ecosystem tokens and memes have surged by an average of 35%, with some achieving gains of up to 100%.

Standout performers include Sunlion, which skyrocketed by 139.9%; Topcat, which climbed 114.8%; and FoFar, which increased by 90.2%.

Additionally, the total value locked (TVL) on Tron-based protocols soared to $12 billion, highlighting the growing adoption of decentralized applications within the network.

Derivatives market signals bullish sentiment

The surge in TRX’s price is supported by robust activity in the derivatives market. According to data from CoinGlass, TRX’s market activity surged significantly.

Open interest in TRX futures jumped 90.94% to $434.78 million, while 24-hour trading volume exploded by 518.32% to $8.77 billion. Binance’s long/short ratio for TRX/USDT stands at 1.9949, with top traders holding a more bullish position at 2.2626. These metrics indicate that traders are overwhelmingly optimistic about further price gains for TRX.

AI predicts TRX year-end price

To assess TRX’s future potential, Finbold utilized market data and ChatGPT-4 to analyze its prospects. According to the AI model, TRX is expected to close 2024 trading between $0.42 and $0.48, subject to market conditions and investor sentiment.

This range considers possible profit-taking and short-term corrections but highlights the strong momentum behind the token. Should the Tron ecosystem continue expanding and market interest remain high, TRX could even test the $0.50 mark by year-end.