Tron “god candle” appears as TRX price soars 70% in 24 hours to hit a new all-time high of $0.45 and re-enter the top 10 cryptocurrencies.
the native token of the Tron network, painted a “God candle” on Dec. 3, rising as much as 104% to hit new all-time highs at $0.45.
TRX has climbed about 140% from its Nov. 5 low of around $0.16 and is up more than 94% over the last seven days.
Data from TradingView shows TRX trading at $0.38, up 70% over the 24 hours.
High market activity also accompanies TRX’s price surge, with its daily spot trading volumes topping $14.6 billion on Dec. 4, rising by 510% over the previous day.
This performance has led to questions about the sustainability of the uptrend and whether the rally has overheated.
TRX flips Avalanche to reenter top-10
TRX’s price performance over the last 24 hours is accompanied by growth in its market capitalization, which has seen it reclaim its spot among the top 10 largest cryptocurrencies by market value.
The token’s market cap has grown by 65% over the last 24 hours to a record-high of $32.8 billion, flashing another bullish signal for the altcoin going into 2025.
TRX is now valued more than Avalanche AVAX$ 54.33, which has slipped to 11th place with a market value of $22 billion.
Tron founder Justin Sun commented on TRX’s latest performance, saying that six years later, the network was still here and still building, adding:
“Things have changed, but one thing hasn’t: #TRON remains a top 10 contender.”
Increasing open interest backs TRX’s upside
The surge in the price of TRX over the last day comes after a significant jump in its open interest (OI) over the same timeframe.
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.
TRX’s total OI on all exchanges rose 180% from $157 million on Dec. 3 to a 3.5-year high of $438.3 million on Dec. 4.
There is also an increasing demand for leveraged long positions in TRX over the last few days, as indicated by the OI-weighted futures funding rate.
Note that the current 0.0556% eight-hour rate translates to a 1.16% cost over seven days, which is typically unsustainable for more than a few days.
Nevertheless, the increasing OI and funding rates suggest that futures traders are bullish. This may indicate a continuation of the uptrend similar to the elevated funding rate seen in mid-November before the price began the initial up-move.
What’s next for TRX price?
TRX’s new all-time high and record market cap are the latest evidence of altcoin season that could see the token’s price rally even higher in December.
“The breakout by Tron (TRX) offers a serious glimmer of optimism to the rest of the market,” said Blockchain Backer in a Dec. 4 post on X, adding that although the token was unable to set a new all-time high in 2021, it was capable of achieving that this cycle.
Note that TRX managed to smash through the previous all-time high of $0.23, hit almost seven years ago in January 2018.
Meanwhile, technical analyst Mihir spotted TRX price breaking above an ascending trendline, connecting higher highs in the monthly timeframe, setting the upside target at $1.80.
“$TRX (Tron) continues heavily on what can be soon noted as a historical bullish move,” said another analyst, Javon Marks, on X.
The analyst added that TRX’s uptrend was “far from done,” setting the upside target above $1.00.
“The price could be headed right to the $1.11 areas in another >369% climb.”
However, not all analysts were optimistic about TRX’s continued uptrend, with pseudonymous analyst Team LAMBO warning of a possible correction toward $0.33.
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