Tron Founder Justin Sun, Sells 173 Million TRX, Prices Drop Immediately
JAKARTA - Tron founder Justin Sun recently moved 173 million TRX coins to the Binance crypto exchange, rocked the market and raised the question: Will the price of TRX decline?
According to data from Arkham Intelligence, Justin Sun not only moved TRX worth 21 million US Dollars (approximately IDR 344 billion), but also sent 120,149 billion BitTorent (BTT) worth about 105,000 US Dollars (approximately IDR 1.7 billion), and 20,293 billion WINKLink (WIN) worth 1.79 million US Dollars (approximately IDR 29.3 billion) to Binance. This action sparked debate in the crypto community and affected the price of TRX.
Following this massive move, the price of Tron (TRX) experienced a small decline of 0.86% and was trading at 0.1232 US Dollars (approximately IDR 2.021) with a market cap of 10.7 billion US Dollars (approximately IDR 175 trillion). Despite a major drop in the altcoin market over the past week, TRX recorded a 6% increase, leaving Avalanche (AVAX) and Shiba Inu (SHIB) behind, becoming the 11th largest crypto asset by market cap.
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Reporting from Coin Speaker, in a post on X on June 26, crypto analytic firm IntoTheBlock reported a consistent increase in the number of active addresses on the TronDAO network since the start of the year. The daily average of active addresses is now close to 2.5 million, far beyond the Layer 1 network. This increase demonstrates the growing adoption and use of the TronDAO network.
At the daily time frame, the price of TRX shows bullish prospects. On the technical graph, TRX is on the verge of completing the right shoulder of the inverse head and shoulders pattern, with this pattern neckline at 0.13 US Dollars (approximately Rp2,132). The breakout of this neckline will confirm the momentum is rising, potentially hitting a new record high of 0.158 US Dollars (approximately Rp2,590).
This bullish prospect is supported by daily RSI reading and MACD. Both indicators show bullish divergences that are in line with this pattern. In addition, MACD has moved to a positive region, and RSI is approaching 70.