Key Highlights:
- TRX eyes $1.11 with a 516% breakout target in sight
- TRX holds above 200MA, reinforcing a bullish structure
- Solana partnership may boost liquidity and adoption
TRON (TRX) showed increasing market momentum as it broke through key resistance points. This indicated a forthcoming substantial price increase.
At the same time, the Solana partnership news creates market excitement as it suggests new liquidity and opportunities for TRX. When writing, TRON price was trading at $0.2343, reflecting a 5.23% increase.
This surge came after it broke through a prolonged descending channel that had restrained it for weeks. The Awesome Oscillator (AO) and other momentum indicators now show bullish signs, indicating additional price growth potential.
If TRX maintains this trend, it can reach the $0.2490 resistance level. Additionally, TRX could rise further to $0.26 or even higher.
Meanwhile, the cryptocurrency maintains its position above the 200-day moving average on the daily chart, strengthening its long-term bullish trend. The market control remains with buyers as the price recovers past its previous range of lows.
The Point of Control (POC) at $0.25 will become a key target if the price sustains its position above current levels. This would enhance the asset’s upward potential significantly.
Long-Term Breakout Target of TRX Remains Intact
The long-term TRON price outlook maintains positive potential. The logarithmic-measured breakout target at $1.11 indicates potential for a massive 516% price increase from current market levels.
A similar pattern in the TRX price history revealed that such breakouts often led to significant increases. For instance, a previous breakout resulted in a remarkable 1,274% surge.
Moreover, TRX’s maintaining its bullish structure suggests a possible future price pattern similar to its previous performance. TRON price showed potential to continue its upward trajectory if it avoids significant downward movements.
However, external market conditions, alongside other factors, will determine if it achieves similar results from its previous performance.
TRON-Solana Collaboration Could Boost TRX Demand
Adding to the bullish outlook, TRON’s founder, Justin Sun, revealed that TRX will launch on Solana. This move could boost liquidity and significantly expand the user base.
Integrating TRON with Solana’s strong decentralized finance presence creates an opportunity to enhance the token’s trading activity. This collaboration could also drive a significant increase in its overall market demand.
TRON price rose to $0.22 after the news announcement and achieved a daily increase of 4.9%. However, the excitement surrounding TRX tokens led scammers to create fraudulent versions on Solana. This experienced a 99% price collapse in a rug pull.
Meanwhile, TRX stands out as one of the busiest blockchain networks. It has accumulated $275 Million in monthly fees while maintaining $3 Million in weekly earnings.
Although the DeFi sector has shown reduced activity, the token continues to be extensively utilized for stablecoin transactions. The successful integration with Solana would strengthen TRON’s market position. It would also set the stage for the token to achieve its next major price target.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
