Tron token has rallied for six consecutive days, reaching its highest level since August, as Justin Sun made a bold prediction about its ecosystem.

Tron Token Performance

Tron (TRX), the tenth-largest cryptocurrency, rose to $0.166, approaching the significant resistance point at $0.1700. This level is notable as it was its highest point on August 25 and May 2021.

Justin Sun’s Prediction

In a recent post, Sun predicted that the token would perform well in the coming weeks, supported by the resurgence of its meme coin ecosystem.

I believe Tron memecoins are about to experience a second wave of growth. With continuous building and community development, Tron has been steadily progressing. Once TRX breaks its previous high, the FOMO for Tron memecoins won’t be far behind.

Current State of Tron Meme Coins

Tron meme coins have faced challenges in recent weeks as investors shifted their focus to Solana tokens like Popcat and Cat in a Dog’s World. Data shows that all Sun Pump meme coins have a market cap of $344 million, down from an all-time high of over $700 million. Most top tokens, like Sundog, Tron Bull, and Invest Zone, have fallen from their all-time highs.

Sun noted that these tokens are expected to rebound when Tron’s price flips its highest point this year. Such a move could trigger Fear of Missing Out (FOMO) among traders. A similar pattern was seen with Shiba Inu, which consolidated between May and June 2021 before surging by 1,150% in October.

Tron Ecosystem Challenges

Tron’s comeback has occurred even as other parts of its ecosystem remain under pressure. Data indicates that volume in its DEX platforms dropped by 24% in the last seven days to $756 million. Tron has been overtaken by platforms like Mantle, Dexalot, and Sui. Additionally, Tron’s DeFi assets have dropped by 11% in the last 30 days to $7.15 billion.

Technical Analysis

The weekly chart shows that the TRX token has been in a strong uptrend after bottoming at $0.0454 in 2022. Tron is often less correlated with Bitcoin and other major cryptocurrencies like Ether and Solana.

Currently, Tron is attempting to break through the important resistance point at $0.1690, its highest level this year. It has remained above the 50-week and 25-week moving averages, indicating that bulls are in control. Therefore, a break above the resistance at $0.1690 could lead to further gains, with a potential target of $0.20.

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