Tron [TRX] has witnessed a remarkable surge in the last 24 hours, hitting an all-time high of $0.45026, as of the latest updates.
Despite a slight pullback afterward, Tron is currently trading at $0.3868, showing an impressive 70.22% gain over the past day.
During this period, the altcoin’s market capitalization soared to a record-breaking $33.28 billion. Notably, Tron’s trading volume surged by a substantial 505.06% to reach $14.58 billion.
Both weekly and monthly charts also depict an upward trend, with gains standing at 92.87% and 133.44% respectively.
As Tron sets new records, investors, especially whales, have been quick to join the market to avoid missing out on potential gains.
Large Holder Acquires 4.85 Million Tokens
Reportedly, a new whale has recently entered the TRX market by acquiring 4.85 million TRX tokens valued at $1.85 million from Binance, following the creation of a fresh wallet.
Whales withdrawing from exchanges contribute to reducing the supply, thereby creating a supply squeeze that typically results in price hikes. When demand remains high while supply diminishes, price increases often follow.
The entrance of whales into the market signifies that major holders are optimistic about the future prospects of the altcoin and expect further price surges.
Forecast for Tron’s Price
Accumulation by whales commonly leads to positive price movements. However, given TRX’s current uptrend, the credit for these transactions alone cannot be solely attributed to the price surge.
The entire market is exhibiting overwhelming bullishness, with investors gearing up for more profits.
In the last 24 hours, there has been a steep increase of 428.9% in large holders’ inflow into Tron, standing at 902.12 million. This surge indicates active whale involvement in pumping funds into TRX through continuous purchases.
Consequently, whales are actively contributing to the upward trajectory of prices.
Increased whale activity has been observed through a surge in the number of large transactions noted by CryptoCrypto.
According to IntoTheBlock data, large transactions have spiked to a yearly peak of 2.42k, suggesting that the rise in both inflow and outflow primarily comes from significant holders.
Over the past 24 hours, Tron’s outflow volume surged by 74.12% to $194.96 million, indicating that many investors are moving TRX from exchanges to private wallets or cold storage. This behavior typically signifies a bullish trend, mirroring the whale withdrawal observed on Binance.
What Lies Ahead for TRX?
With the influx of new whales into Tron, it appears that major holders now view it as a promising investment. Growing bullish sentiment among whales and retail traders alike could propel TRX towards further appreciation.
If the current momentum persists, TRX has the potential to reclaim $0.45 and even reach a new all-time high of $0.50. However, a market correction could lead to a decline in value, possibly down to $0.35.