Tron (TRX) price appears to be lagging in the ongoing altcoin season. The altcoin market gained more than $50 billion in the last 2 days as the investors stepped over each other to buy high-risk assets before another potential bull market.
Solana led the gains this week as the smart contract cryptocurrency soared to $100 this week. This translated into an almost 1,500% move from the 52-week lows of SOL, which occurred after the overselling due to last year’s FTX collapse.
Even though TRX crypto is underperforming its peers at the moment, its fundamentals are looking bullish than ever. This is because, Tron blockcahin is the only layer 1 protocol on which the total locked value (TVL) has hit a new all-time high in 2023.
This can be attributed to the massive growth in stablecons on Tron. At the time of writing, there’s currently $8.28 billion worth of funds locked on Tron network which makes it the 2nd biggest blockcahin in terms of TVL.
The bullish growth on the network may soon impact Tron price prediction which is already looking bullish. Currenlty, it is consolidating but I expect upside in the coming days and weeks if the $0.096 level holds.
The immediate bullish target seems to be the $0.122 which is the highest point of the current trading range. Another reason to be bullish on TRX price is the potential formation of the double bottom pattern on TRX/BTC chart. If this confirms, Tron may outperform Bitcoin in the coming weeks.
This post was last modified on Dec 22, 2023, 12:38 GMT 12:38