Will TRON price surge after Justin Sun’s exclusive meeting with Trump?

• Justin Sun met Trump, fueling speculation around TRX ETF approval.
• Tron leads in USDT volume, processing $118B in a single day.
• Technical patterns hint at a bullish breakout above $0.3112.

Tron (TRX) kept to a tight trading range on Friday, with little initial response following crypto millionaire Justin Sun’s appearance at an intimate dinner with ailing former U.S. President Donald Trump.

TRX traded at $0.2680, just shy of this week’s high of $0.2805. The token has been consolidating since January, and while the media had been abuzz with Sun’s visit to the VIP dinner, the market reaction was subdued.

Justin Sun’s Connection and Trump Coin Association

This was Sun’s first in-person meeting with Trump, according to The New York Times. While it is uncertain if they did have a one-on-one private conversation, Sun stated that he wanted to discuss the future of cryptocurrency in the U.S.

Justin Sun is also the most significant owner of the Trump Coin and a key investor in World Liberty Financial, a venture closely associated with Trump’s crypto investments. In turn, World Liberty has invested more than $10 million in TRX tokens, indicating a close monetary connection between the parties.

This indirect relationship with Trump has fueled speculation that a spot TRX ETF, just submitted by Canary Capital, may get preferential treatment from regulators as an achievement that would represent a milestone for Tron within the United States’ crypto market. But this would also be contentious, considering Sun’s Chinese citizenship and Trump’s focus on “Made in the USA” policies.

Strong Network Performance and Stablecoin Dominance

In spite of the price stagnation, Tron’s network fundamentals are strong. Tron is the second most profitable blockchain in 2024, raking in $1.3 billion in transaction fees, outdoing even Ethereum and Solana on certain metrics.

Most significantly, Tron dominates USDT processing, with the staggering $118 billion in volume alone on Thursday, TronScan reported. As analysts predict strong growth for stablecoins in the coming years, Tron’s status as the top USDT enabler may be a long-term driving force.

Technical Analysis: Breakout Imminent?

Technically, the price movement of TRX indicates a gradual accumulation within an uptrend channel that started in February. The recent high at $0.2805 corresponds to the highest point in this channel. TRX is also well above its 50-day moving average, and the Relative Strength Index (RSI) is moving higher — an indicator of gathering momentum.

If TRX is to escape its current accumulation phase, $0.3112, the December swing high, would become the next level of keen attention as a resistance point to watch.

Conclusion

Although Tron has not blown up in price after Sun’s Trump dinner, the token is slowly gaining strength. Increasing institutional connectivity, ETF speculation, and strong on-chain statistics mean that Tron may be setting up for a breakout.

Investors will be waiting to determine if the political connections and network dominance will be able to be converted into price action in the weeks ahead.

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