- TRX has surged by 70.22% on daily charts.
- Tron’s market cap has reached an all-time high, while the coin reached an ATH.
Over the past day, Tron [TRX] has experienced an exponential rally, hitting an all-time high of $0.45026, at press time.
However, since then, Tron has experienced a pullback. At press time, Tron was trading at $0.3868, marking a 70.22% increase over the past day.
During the same period, the altcoin’s market cap surged to a record high of $33.28 billion. Additionally, Tron’s trading volume increased by 505.06% to $14.58 billion.
The altcoin has also shown an upward trend on weekly and monthly charts, with gains of 92.87% and 133.44%, respectively.
With the altcoin reaching a new all-time high (ATH), investors, especially whales, have entered the market, fearing they might miss out.
Whale accumulates 4.85 million tokens
According to Lookonchain, a new whale has entered the TRX race and started buying. After creating a new wallet, this whale withdrew 4.85M TRX tokens worth $1.85 million from Binance.
When whales withdraw from exchanges, they reduce supply, which pushes prices up through a supply squeeze. Higher demand with less supply usually precedes price increases.
As such, with whales entering the market, it shows that large holders are confident with the altcoin’s future prospects and anticipate further gains on its price charts.
Tron price prediction
Typically, whale accumulation leads to positive price movements. However, since TRX is currently in an uptrend, these transactions alone cannot take all the credit.
The entire market is overly bullish, with investors gearing up for more gains.
Source: IntoTheBlock
For example, Tron’s large holders inflow has surged over the past 24 hours by 428.9% to 902.12 million. This shows that whales are actively pumping funds into TRX as they continue to purchase.
Thus, whales are playing an active role in driving prices up.
Source: IntoTheBlock
AMBCrypto noticed this increased whale activity through the surge in the number of large transactions.
IntoTheBlock data shows that large transactions have increased to hit a yearly high of 2.42k. This implies that the surge in inflow and outflow is mainly associated with large holders.
Source: IntoTheBlock
Tron’s outflow volume increased by 74.12% in the past 24 hours, reaching $194.96 million. This suggests that most investors are withdrawing more TRX from exchanges to private wallets or cold storage.
Such withdrawals indicate bullish market behavior, as seen earlier with the whale withdrawal from Binance.
Read TRON’s [TRX] Price Prediction 2024-25
What’s next for the altcoin?
With Tron attracting new whales, it indicates that large holders now see it as a viable investment. Increased bullishness among whales, along with retail traders, could push TRX to further gains.
If the current momentum continues, TRX could reclaim $0.45 and reach a new ATH. If it surpasses this level, the next target will be $0.50. However, a market correction could cause the altcoin to decline to $0.35.
