- TRX surged 6% in the past 24 hours, claiming a daily high of $0.243.
- Justin Sun confirmed that TRX token is coming to the Solana blockchain
- Sun also said that the Tron developers will double down on the meme coin ecosystem of Tron
Tron’s native cryptocurrency, TRX, has seen a significant 6% climb today following an announcement from its founder, Justin Sun. Sun revealed plans to aggressively develop the meme coin ecosystem on the Tron blockchain, a move that has clearly resonated with the market.
This news triggered a strong market reaction, with daily trading volumes soaring 64.66% to over $1.16 billion. In the last 48 hours, TRX has rebounded by 15%, bouncing off key support at $0.21.
Tron Doubles Down on Meme Coins
Justin Sun took to X (formerly Twitter) to share his vision, stating that the initial step in Tron’s meme coin adoption will be his commitment to not personally profit “a single cent from memes.” This declaration appears to have instilled confidence among investors.
Furthermore, the crypto entrepreneur made a bold promise that any losses will be “fully covered” by Sun himself, adding that all proceeds will be donated. His commitment to meme projects without personal financial gain has strengthened investor confidence, fueling speculation of further price growth.
Meanwhile, Sun confirmed that TRX, the native token of the Tron ecosystem, will soon be made available on the Solana (SOL) blockchain network and asked developers to get “ready to buy and collaborate.”
Related: Justin Sun Wins Defamation Case Against Sina, Setting Crypto Misinformation Precedent
Analysts Eye $1 for TRX
Analysts are setting ambitious price targets for TRX. Popular crypto analyst Javon Marks has forecasted a massive price surge, predicting that TRX is on track to reach $1.11, a 516% increase from its current levels.
Adding to the bullish outlook, social analytics platform LunarCrush reports a significant spike in community engagement on Justin Sun’s blockchain protocol. Tron now accounts for 1.05% of all crypto-related discussions, underlining the rising investor interest in TRX.
TRX Price Analysis: Bulls Regain Momentum
TRX currently trades at $0.2344, up 6% in the last 24 hours, CoinMarketCap data shows.
The digital asset reached a daily high of $0.243 and has successfully reclaimed the 20-day Exponential Moving Average (EMA) at $0.2304, which is now being retested as a support level.
The Relative Strength Index (RSI) is currently at 53.09, indicating a neutral momentum. However, a move above the 60 mark could signal further strengthening of bullish momentum, while a drop below 45 might suggest a potential pullback.
Related: HTX Hints at Justin Sun & Trump Crypto Ties in Cryptic Post
The upper Bollinger Band resistance is at $0.2505, while support lies at $0.2135. A breakout above resistance could propel TRX toward the $0.30-$0.35 range, whereas a breakdown might test the $0.21 support level again.
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