Here’s why TRON holders are ‘237% confident’ in TRX’s price action

• TRX has hiked by over 19% in the last three months alone
• Number of HODLers also increased, dominating other holders

TRON (TRX) has performed significantly well so far this year, leading to a major hike in its market capitalization. The rising interest and strong performances of TRX have attracted more attention from investors, contributing to its upward momentum.

That’s not all though, with TRX also seeing a growing number of long-term holders. This hike in long-term holders is a clear bullish signal. 

TRON remains bullish

An analysis of TRON (TRX) revealed that it has seen some downtrends over the last two days. On the daily price chart, TRX was valued at around $0.151 at press time, following a marginal decline of less than 1%. 

And yet, a broader three-month trend analysis revealed that TRX has been on a significant uptrend. In fact, according to the price range indicator, TRX has gained by over 19% since July. Additionally, the Relative Strength Index (RSI) remained above the neutral line, confirming that TRX is still in a bullish trend despite recent pullbacks. 

Source: TradingView

These downtrends have not discouraged long-term holders either, with their numbers continuing to grow too.

Long TRX holders accumulate more

An analysis of the address chart on IntoTheBlock revealed that TRON (TRX) has seen a substantial increase in long-term holders (HODLers) over the past few months. According to the same, in April 2023, the number of HODLers surpassed other categories, and this dominance has continued since. 

At the time of writing, the number of long-term holders had surged to nearly 90 million – An impressive 237% hike compared to the previous year. This growth is a sign of the increasing confidence among TRX investors holding the asset for the long term.

Source: IntoTheBlock

Additionally, analysis revealed that at its current price levels, more than 95% of TRX holders are currently holding at a profit. This strong profitability among holders is another bullish signal, indicating that most investors have seen gains from their investments and are likely motivated to continue holding. 

How TRX’s market capitalization has trended

One of the key drivers behind the increase in long-term holders of TRON (TRX) is the belief in a future price hike. Historical data seemed to support this sentiment, as TRX has seen significant growth in both price and market capitalization over the past few years.

According to CoinMarketCap, for instance, last year TRX’s market capitalization stood at around $7 billion in September. At press time, however, its market cap was over $13 billion, putting it within reach of the crypto-market’s top-10.

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The steady growth in market cap, coupled with the positive sentiment around TRX’s long-term prospects, has fueled the belief among long-term holders that TRX has room for further price appreciation in the future.

This belief, in turn, has contributed to a growing number of HODLers, who are holding onto their assets with expectations of capitalizing on future gains.