TRON (TRX) has shown impressive performance this year, resulting in a substantial increase in its market capitalization. The growing interest and strong showings of TRX have attracted more attention from traders, fueling its upward trajectory.
Moreover, there has been a noticeable rise in the number of TRX long-term holders, signaling a positive outlook for the cryptocurrency.
Optimistic Outlook for TRON
An assessment of TRON (TRX) highlights recent minor downward trends in the last couple of days. Currently, TRX is valued at approximately $0.151, reflecting a slight decrease of under 1%.
However, a broader analysis of three months shows a significant uptrend for TRX. Over the past months, TRX has surged by over 19%, as per the price range indicator. Furthermore, the Relative Strength Index (RSI) remains above the neutral line, indicating a bullish trend despite recent pullbacks.
Interestingly, these temporary downward movements have not deterred long-term holders, who continue to grow in number.
Increasing Accumulation by Long TRX Holders
An examination of the address chart on IntoTheBlock unveils a notable rise in TRON’s long-term holders (HODLers) in recent months. Since April 2023, the number of HODLers has surpassed other categories, remaining dominant.
Currently, the count of long-term holders has surged to nearly 90 million, marking an impressive 237% increase from the previous year. This surge demonstrates the growing confidence among TRX investors who hold the asset for the long haul.
Further analysis indicates that more than 95% of TRX holders are currently in a profitable position at current price levels. This profitability among holders acts as a positive indicator, suggesting that most investors have seen profits from their investments and are likely to maintain their positions.
Trending Market Capitalization of TRX
One of the primary reasons for the rise in long-term TRON (TRX) holders is the belief in a future surge in its price. Historical data supports this sentiment, showing substantial growth in TRX’s price and market capitalization over recent years.
For instance, in September of the previous year, TRX’s market capitalization was around $7 billion, as per CoinMarketCap. Presently, the market cap has crossed $13 billion, positioning TRX close to the top 10 cryptocurrencies.
The consistent growth in market cap, along with positive sentiments regarding TRX’s long-term potential, has strengthened the confidence of long-term holders in TRX’s future price appreciation.
This confidence has further increased the number of HODLers, who hold onto their assets with expectations of reaping gains in the future.