- TRX hits a record high of $0.45, climbing over 140% since November 5.
- Open interest soars 180% to a 3.5-year peak, indicating strong bullish sentiment.
- Analysts predict both extended rallies and potential corrections, raising questions about market stability.
The TRX token of the Tron blockchain has reached unprecedented levels, surging by 104% on December 3 to hit $0.45. This marks a 140% gain since early November and a 70% rise in the past 24 hours alone.
Data from CoinMarketCap reveals that TRX’s market capitalization now exceeds $32.8 billion, reclaiming its position as one of the top 10 largest cryptocurrencies. It has overtaken Avalanche (AVAX), which now ranks 11th with a $22 billion market value. Founder Justin Sun noted this milestone by reaffirming Tron’s relevance in the evolving crypto ecosystem.
Accompanying TRX’s price rally is a dramatic increase in daily trading volumes, which exceeded $14.6 billion on December 4, a 510% jump compared to the previous day. While this momentum highlights strong investor interest, questions persist about whether the rally is sustainable.
Market Activity and Future Outlook
Open interest across exchanges has risen sharply, with a 180% increase bringing the metric to a 3.5-year high of $438.3 million. Analysts view this as a bullish indicator, with elevated funding rates suggesting high demand for leveraged long positions.
Some analysts have expressed optimism about TRX’s trajectory. Blockchain Backer highlighted the token’s ability to break through its previous all-time high of $0.23 from January 2018, calling it a positive signal for broader market sentiment. Another analyst, Mihir, set a potential upside target at $1.80, citing bullish technical patterns.
However, skepticism remains. Pseudonymous analyst Team LAMBO warned of a potential correction, pointing to a downside target of $0.33 in the event of market exhaustion.
With the market divided, the coming weeks will determine whether TRX’s rally has more room to grow or if a correction is imminent.