Solana (sol) 
TRX, the native token of the TRON blockchain, has surged 12% in the past day, becoming the top gainer in the crypto market.
On August 21, the price of TRON soared 10.6%, reaching $0.1594—a level not seen since April 16, 2021. The token’s daily trading volume also increased by 121%, hovering around $1.92 trillion.
Moreover, TRX’s market capitalization rose to $13.89 billion, making it the 11th largest cryptocurrency.
Factors Behind TRON’s Price Surge
The surge appears to be driven by the launch of SunPump, TRON’s attempt to capitalize on the memecoin trend. According to available data, over 18,000 memecoins created on SunPump have generated approximately 7,080,777 TRX (about $1.12 million) in total revenue.
“Several major meme community leaders plan to bring millions of users to the TRON community,” said TRON’s founder, Justin Sun.
In a recent social media post, Sun mentioned that several prominent meme community leaders have shown interest in moving to TRON, which could potentially increase the network’s transaction volume. Since the beta launch of SunPump on August 13, TRON’s transaction volume has surged over 1045%, and the number of daily active addresses has increased by more than 10%.
Transaction Volume and Market Indicators
TRON’s blockchain processed $1.25 trillion in transaction settlements in Q2 2024, accounting for one-third of Visa’s total settlement volume during the same period. Additionally, TRON’s 30-day revenue statistics showed a 230% increase over Ethereum’s protocol revenue.
These developments have pushed TRX towards its 2021 all-time high, with the token down just 31.3% from reaching that level.
Technical Indicators: Bollinger Bands and RSI
TRX’s current price is slightly above the upper Bollinger Band at $0.1532, indicating it’s trading outside its typical range and may be overbought. The Relative Strength Index (RSI) is at 79.09, above the 70 threshold, confirming strong upward momentum but also signaling a possible market reversal or consolidation.
The overall trading volume for TRX has also increased, indicating strong buyer interest. However, with the RSI in overbought territory and the price exceeding the Bollinger Band, caution is advised as a correction or consolidation may occur before the next move.
Given these technical factors, the market may be preparing to either solidify its gains with some sideways movement or face a pullback. It’s crucial to monitor for signs of weakening momentum or increased selling pressure.
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