TRON ($TRX) Eyes 516% Surge Toward $1.11 Breakout Target

TRON ($TRX) is fighting to stay in a strong uptrend, analysts say its breakout target of $1.11 is still valid. This means a 516% rally for TRX from current levels.

This builds on an earlier estimation that TRX’s upward movement from a breakout has the potential for a minimum 444% gain.

TRON Might be Looking at a 516% Jump…

According to CoinMarketCap, TRX was trading for $0.2292, a 0.58% daily drawdown as of press time, with a market capitalization of $21.76 billion.

Trading volume went down drastically by 41.92% in the last 24 hours to $715.6 Million.

This suggests reduced interest from traders or investors. As of now, the circulating supply hasn’t changed from 95.01 billion TRX.

TRX price might also be impacted by Justin Sun’s announcement regarding the launch of wrapped TRON on Solana.

The demand for TRX may rise as this integration will appeal to additional traders and investors.

Also, more value can be added to TRX and its market presence by being collateral on Solana’s lending protocols.

If TRX is integrated successfully, tapping into a larger user base may trigger one more wave of price appreciation.

Nevertheless, some potential risks remain, such as other fraudulent tokens faking TRX on Solana.

However, a smooth transition and more adoption may give TRX a more substantial price rally in the long run.

TRX Technical Analysis and Market Outlook

Notably, the 4-hour charts show that the downtrend has ended in the long term, and the price is ready to enter the bullish zone.

Recently, the price broke the descending channel, guiding the bearish trend. In other words, this breakup may herald a reversal or at least a temporary relief rally.

This shift in momentum is confirmed by the Awesome Oscillator (AO), which went positive, signifying better bullish strength.

The $0.2450 level is a key resistance zone on the chart. Before this, the area served as a strong supply zone supporting rejections.

If the Tron price reaches TRX close to this level again, we could see a possible rejection or a breakout that will likely push the price higher.

Strong green candles indicate aggressive buying pressure, which is probably attributed to short covering and new long positions.

It has climbed a lot, with virtually no pullback. This type of price action suggests that buyers are in control.

However, given the rapid increase, a short-term retracement can be made before another leg up.

While TRX is somewhat stuck within the highlighted resistance zone, a break above it should bring further upside momentum to the next target against $0.2500.

However, another rejection may see more pullback toward $0.2250 if this level cannot be breached.

If TRX continues repeating history, it may hover around the $1.11 area, which aligns with the measured breakout potential for a 516% rally.