Enormous 10.45 Billion Tron (TRX) Sell Wall Emerges On-chain

Tron (TRX) has registered a 1.26% decrease in price to trade at $0.2441 in the last 24 hours. However, a notable development in the Tron ecosystem has teased a major sell wall on the horizon. The sell wall was isolated, as showcased by the IntoTheBlock data.

10.45 billion TRX sell wall: Barrier to growth?

For clarity, a sell wall occurs when holders place many orders at the same price level. This situation could discourage likely buyers from purchasing the asset as they consider it a strong resistance to the price increase.

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IntoTheBlock’s Global In/Out of the Money data shows that 10.45 billion TRX is currently a barrier to TRX’s rise to higher levels. The average price of this volume of TRX stands at $0.2781, with a price range between a maximum of $0.4553 and a minimum of $0.2514.

Given the market price of TRX at $0.2441, 6.22 million addresses are currently losing money. This development is significant as this large concentration of sellers could serve as resistance to further price growth for TRX.

Meanwhile, trading volume has dipped by a massive 33.99% to $480.99 million in the last 24 hours, according to CoinMarketCap data. This signals buyers have become more cautious and unwilling to tie down their funds. They likely suspect TRX’s price might have difficulty posting upward movement.

Justin Sun’s ATH prediction faces countdown pressure

Interestingly, Justin Sun, the founder of Tron, recently made a bold bullish prediction for TRX. Sun believes the coin has all it takes to post a new all-time high (ATH) between now and June’s end.

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TRX has seen a significant 2.44% growth in the last seven days despite current indicators. It will interest market observers to see how TRX shakes off the current sell wall and strives for Sun’s predicted ATH.

It is worth noting that TRX’s current ATH of $0.4407 was reached in December 2024. Thus, Tron has about 70 days to close the approximately 45% price-performance gap before Q2 ends.