The TRON blockchain has reached a significant milestone, processing over $10 billion in transaction value, according to data from CryptoQuant. This achievement places TRON among an elite group of blockchains and coincides with an uptick in daily transaction counts, which have climbed to 8.4 million. Despite this positive development, TRON’s native token, TRX, has remained in a consolidation phase, recording a modest weekly increase of just over 3% and a minor dip of less than 1% in the last 24 hours at the time of writing.
Large Holders Trigger Buying Opportunity?
Interestingly, the milestone appears to have triggered some profit-taking among large TRX holders. Data from IntoTheBlock reveals that these major investors sold off 26.83 million TRX, valued at approximately $6.5 million. However, this selling pressure was partially offset by the purchase of 13.39 million TRX, worth $3.2 million.
This opposing movement suggests a potential buying opportunity may be on the horizon. Typically, significant sell-offs by large holders lead to broader market declines. The fact that this hasn’t occurred could indicate temporary profit-taking, and if these large holders resume accumulation alongside continued buying by spot traders, TRX could be poised for a significant price surge.
Ascending Triangle Points to $0.32 Target
Technical analysis of TRX’s daily chart suggests a potential breakout is imminent. The altcoin appears to be trading within an ascending triangle pattern, which is often indicative of a consolidation phase before a bullish move. If TRX can successfully breach the resistance level of this pattern, it could target the $0.32 price level.
However, analysis of the “In/Out of the Money Around Price” (IOMAP) data indicates a significant resistance zone around $0.25, where a large cluster of sell orders exists. This level could impede price growth if the rally is solely driven by spot traders. For TRX to overcome this resistance and reach its potential $0.32 target, participation from large holders will likely be crucial to generate the necessary buying momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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