Tron could flip key price as Justin Sun predicts big moves ahead

The Tron token rallied for six consecutive days, reaching its highest level since August, after Justin Sun made a bold prediction about its ecosystem.

The tenth-largest cryptocurrency Tron (TRX) rose to $0.166 as it neared the key resistance at $0.1700. This is a notable level as it peaked on August 25 and May 2021.

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

I believe Tron memecoins are about to experience a second wave of growth. With constant construction and community development, Tron is making steady progress. FOMO will not be far behind for Tron coins once TRX breaks its previous high. https://t.co/ksa5GsznMv

— HE Justin Sun🌞(hiring) (@justinsuntron) October 25, 2024

Tron meme coins have not performed well over the past few weeks as investors shifted their focus to Solana tokens such as Popcat (POPCAT) and Cat in a dogs world (MEW).

Data from CoinGecko shows that the market cap of all Sun Pump meme coins has fallen from an all-time high of $700 million to $344 million. Many of the top tokens like Sundog, Tron Bull, and Invest Zone have fallen from their all-time highs.

In his post, Sun stated that these tokens will recover soon as the price of Tron reaches its highest point this year. Such a move could trigger Fear of Missing Out (FOMO) among investors. A similar recovery has occurred in the past; Shiba Inu, for example, remained in consolidation between May and June 2021 before surging 1,150% in October.

Tron’s continued comeback has occurred even as other parts of its ecosystem remain under pressure. Data from DeFi Llama shows that volume on DEX platforms fell 24% in the last seven days to $756 million. Platforms like Mantle, Dexalot and Sui have surpassed it. Tron’s DeFi assets also dropped 11% in the last 30 days to $7.15 billion.

Tron has strong technical TRX chart by TradingView

The weekly chart shows that the TRX token is in a strong uptrend after falling to $0.0454 in 2022. It is generally less correlated with Bitcoin (BTC) and other major cryptocurrencies such as Ether and Solana.

Currently, Tron is trying to break the important resistance point at $0.1690, this year’s high. Staying above the 50-week and 25-week moving averages shows that the bulls are in control.

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