- Whale Activity Declines: TRX slipped to $0.26 as whale transactions fell sharply, with net outflows of -36.8 million TRX, suggesting profit-taking or reduced conviction.
- Golden Cross Formation: Despite the whale slowdown, a recent SMA50 and SMA100 “golden cross” signals potential bullish momentum, with TRX holding above $0.27.
- Key Levels to Watch: TRX could target $0.30 if momentum continues, while $0.23 serves as strong support if bearish pressure intensifies.
After rallying from $0.24 to $0.28, Tron (TRX) has pulled back to $0.26. Interestingly, the decline wasn’t just price-driven — it coincided with a notable shift in whale behavior.
Whale Activity Cools Off Amid TRX Retracement
Whale activity that propped up TRX’s rally in early May has noticeably slowed, according to CryptoQuant data. Whale transactions fell sharply from a peak of 1,060 to just 346, and the average transaction size dropped from 2.4 billion TRX to 561 million. IntoTheBlock reports a net outflow of -36.8 million TRX among whales, hinting at either profit-taking or waning conviction.
Despite the drop in whale activity, TRX still managed to climb to $0.2739 at the time of writing. This divergence suggests that smaller investors might be stepping in to absorb the supply as whales step back.
Golden Cross Signals Potential Upside
Tron is entering a transitional phase. While whale activity declines, CryptoQuant analyst Burak Kesmeci remains optimistic about TRX’s outlook. He points to the recent “golden cross” — the SMA50 crossing above the SMA100 on May 5th. Since then, TRX rose roughly 11% to $0.28.
As long as TRX remains above the SMA50, the bullish momentum could persist. The key support level lies at $0.23, where the SMA100 and SMA200 align closely, providing a solid base if the market turns bearish.
What’s Next for TRX?
If Tron can maintain its upward momentum, it could push past the $0.28 resistance and aim for $0.30. Conversely, a break below $0.23 would signal potential weakness. While whale activity slows, the broader market’s interest could still keep TRX’s bullish structure intact.
