Tron holders reap profits as whale activity surges, boosting the altcoin bullish momentum.
- Tron’s whale activity surged as 96% holders were in profit. TRX’s bullish momentum targeted the $0.1645 resistance after retesting key trendline support.
Tron [TRX] has been gaining massive traction, and the recent metrics have indicated why this altcoin has been turning heads.
A significant 96% of Tron holders were in profit at TRX’s press time price. Also, large transactions have surged by 196% in the last 24 hours.
The uptick indicates the growing interest among TRX’s major players.
Source: IntoTheBlock
196% explosion in large transactions
The recent spike in large transactions indicated increased whale participation in TRX.
In the last 24 hours alone, the altcoin has recorded a 196% increase, suggesting that institutional investors and large-scale traders are at the accumulation phase.
Source: IntoTheBlock
Whale accumulation in most times precedes big movements in price, and that could be the case with Tron as it continues to show bullish momentum.
Active addresses on the move
Not only are whales making moves, but so are active addresses, which have increased by 10%.
This increase in network participation is another bullish sentiment, as it hints at a growing interest and usage of the TRX blockchain.
This increase in active addresses may indicate that more users are engaging in Tron, thereby fueling the price action upward.
Source: IntoTheBlock
Tron targets $0.1645 resistance level
That not all, Tron has gained massively following the retest of the ascending trendline support at the $0.1563 price level.
The altcoin has continued to build up strong bullish momentum, with the next target at the $0.1645 resistance level now in sight.
If the TRX upward trajectory continues, a breakout above this resistance level could result in more price advances, propelled by whales and overall network activity combined.
Source: IntoTheBlock
As the metrics point towards strong network fundamentals, TRX could continue its bullish run.
Take a Survey: Chance to Win $500 USDT
Next: NEIRO sees a bearish week: Will the memecoin decline further?
Source
