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Tron (TRX) price has gradually been grinding up since early 2023, despite the short-term crypto correction experienced since early March this year. The large-cap altcoin, with a fully diluted valuation of about $13.7 billion and a daily average traded volume of over $451 million, has been retesting its 2021 all-time high (ATH) in the past few weeks.
Having underperformed in the 2021 crypto bull run compared to its peers, TRX price is now well positioned for a major bull run in the near term. Moreover, the altcoin industry has been preparing for a major breakout after underperforming Bitcoin in the last couple of months.
Rising Adoption of Tron Network
The Tron network has grown to a vibrant web3 ecosystem with more than 153 million holders. According to on-chain data analytics, the Tron network is the second-largest web3 ecosystem after Ethereum (ETH), based on funds locked by different DeFi protocols.
As of this writing, the Tron network had over $7.4 billion in total value locked (TVL) and over $60 billion in stablecoins market cap. In the past 24 hours, the Tron network reported over 2.3 million active addresses.
On Tuesday, October 15, the Tron network reported a revenue of $7.28 million, a 170 percent gain compared to the same time last year.
The notable rise of Tron’s revenue in the recent past is majorly struggling to its growing meme coin market led by Sundog (SUNDOG).Â
As of this report, Tron’s meme coin ecosystem had a market cap of over $373 million and a daily average traded volume of around $97 million.
Midterm TRX Price Target
From a technical analysis standpoint, TRX’s price against the US dollar is on the cusp of a major bullish breakout. In the weekly time frame, TRX price has been forming an ascending symmetry triangle since 2018, thus gaining significant bullish momentum.
A consistent close above 2021’s ATH will propel TRX’s price toward 30 cents in the near term. However, a breach of the macro-rising logarithmic support level will result in a major sell-off.
