- Justin Sun’s $18M investment into Tron Inc. aims to build its TRX treasury, which could boost market demand for the token.
- TRX price has surged by 5% since the beginning of the month, driven by positive market factors and whale accumulation.
- A confirmed bullish reversal pattern and positive technical indicators signal potential for TRX to reach $0.356 in the coming days.
Tron’s (TRX) price saw a notable rebound recently, driven by a key investment from the blockchain’s founder, Justin Sun. The strategic $18 million investment into Tron Inc. is expected to strengthen the company’s TRX holdings and, consequently, support further demand for the token. This capital injection follows a series of favorable developments, propelling the TRX price upwards.
On December 31, Justin Sun made headlines with his $18 million investment into Tron Inc. The move is intended to expand the company’s treasury of TRX tokens. With this strategic move, Tron Inc. aims to accumulate more TRX from the open market, positioning itself as a major holder of the cryptocurrency. As a result, investor demand for the token could see an uptick, positively influencing the token’s price in the short term.
TRX Price Shows Positive Momentum
At the time of writing, TRX price surged to $0.284, reflecting a 5% increase from its low earlier this month. The asset briefly touched $0.286 on December 31 before settling slightly lower. The price increase comes as multiple bullish factors converge, with investors showing heightened confidence in TRX’s potential. This includes the expected impact of an upcoming TRX Strategy ETF filing with the U.S. SEC by Bitwise, which could increase institutional interest in the token.
Investor sentiment is also fueled by increasing whale interest in TRX. According to data from Nansen, the amount of TRX held by large investors has grown from 1.59 million tokens on December 26 to 1.64 million on December 31. This rising accumulation by deep-pocketed investors could attract additional retail interest, further boosting the price in the coming days.
Source: TradingView
On the technical side, TRX price has confirmed the formation of a falling wedge pattern on the daily chart, a signal of potential bullish reversal. The breakout from this pattern could trigger a more sustained rally. Notably, the price is currently trading above its 50-day moving average, confirming a shift in market sentiment toward buyers. Additionally, the Supertrend indicator has turned green, reinforcing the positive outlook for TRX.
Possible Price Targets for TRX
Given the technical indicators and bullish sentiment, TRX could be poised for further gains. Analysts are now eyeing a price target of $0.356, a potential 25% rise from the current level. This target is derived from the height of the falling wedge pattern, suggesting that the bullish momentum could continue if the current trend persists.