Tron (TRX) has been making waves in the cryptocurrency market, experiencing an explosive 70.22% surge in just 24 hours, reaching an all-time high (ATH) of $0.45. As of now, TRX is trading at $0.3868, but the coin’s market cap has reached an impressive $33.28 billion, setting new records for the altcoin. The strong upward momentum is not just about retail traders jumping on the bandwagon; it’s also due to increasing whale activity that could further fuel TRX’s price growth.

Tron’s Record-Breaking Surge

Tron’s remarkable 24-hour performance has put the altcoin on the radar of both investors and traders alike. The 70.22% price surge, accompanied by a market cap surge to $33.28 billion, signals a strong bullish trend. Moreover, TRX’s trading volume soared by over 500%, hitting $14.58 billion, highlighting the growing interest in the coin.

In addition to this daily surge, Tron has seen impressive gains on a weekly and monthly basis. The altcoin has surged 92.87% in the past week and 133.44% over the past month, further solidifying its position in the market.

Whales Enter the Game

Whale accumulation often signals significant price movements in the crypto space. According to blockchain data from Look on chain, a new whale has recently entered the market and started accumulating TRX tokens. After creating a new wallet, this whale withdrew a massive 4.85 million TRX, valued at $1.85 million, from Binance.

When whales withdraw large amounts of cryptocurrency from exchanges, it typically reduces the available supply on the market, which often leads to price increases. With less supply and continued demand, especially from whales, the price tends to climb. The influx of large holders into TRX shows that these investors have confidence in the token’s future performance and are expecting further price gains.

In addition, large holders’ inflows surged by 428.9% in the last 24 hours to 902.12 million TRX, further indicating that whales are becoming more involved with TRX as a long-term investment. The increased whale activity has drives discussions within the crypto community, with many wondering if TRX can maintain its bullish trend.

Market Indicators and Price Outlook

The recent surge in whale activity aligns with other bullish indicators for TRX. Data from IntoTheBlock reveals that the number of large transactions has high to a yearly high of 2.42k, signaling that whales are actively moving TRX in and out of exchanges. This surge in large transactions is a strong sign that large holders are playing a key role in driving the price up.

Despite the rapid price increase, some market analysts caution that a potential market correction could cause a pullback. However, the strong buying pressure from whales and the overall bullish sentiment in the market may prevent a major drop. If the current momentum continues, TRX could reclaim its ATH of $0.45 and push past this level to reach $0.50, marking a significant milestone for the coin.

That said, a market correction remains a possibility. If TRX faces resistance at $0.45, the altcoin could see a slight pullback to $0.35, a level that would likely serve as strong support for the coin. The key will be whether the ongoing whale accumulation can continue to push the price higher and whether retail traders remain as bullish on TRX as large holders.

What’s Next for TRX?

With whales continuing to pile into the market, TRX is well-positioned for further price gains. Increased demand from both institutional and retail investors is fueling optimism that the altcoin could soon surpass its current ATH. If the bullish trend continues, TRX might be able to break the $0.50 resistance level, setting new price records.

However, it’s essential to remain cautious. While the overall sentiment is positive, the crypto market is volatile, and price corrections are always a possibility. If the market experiences a downturn, TRX could see a temporary decline to the $0.35 support level.

In conclusion, the future looks bright for TRX, especially with whale activity driving price movement and the altcoin reaching new highs. Whether or not TRX can push past the $0.50 mark remains to be seen, but with continued bullish sentiment, it could very well be in the cards for the token.