The overall cryptocurrency market sentiment appears to be recovering following Pro-Crypto Donald Trump’s presidential inauguration. Amid this, Tron (TRX) seems optimistic and is poised for significant upside momentum due to its bullish structure on the daily chart and increasing interest from long-term holders.
Today, January 22, 2025, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that Trump’s World Liberty purchased 10.81 million TRX tokens for $2.65 million in USDT.
This marks the second-largest TRX purchase made by Trump’s team since his inauguration. On January 20, 2024, the team acquired 18.3 million TRX for $4.7 million in two separate transactions to celebrate Trump’s inauguration as the 47th President.
With these recent TRX purchases, World Liberty’s TRX holdings have now reached 30.11 million, valued at $7.38 million.
Considering these investments, traders on Binance have shown strong interest and confidence, as reported by the on-chain analytics firm Coinglass. Data from Binance’s TRXUSDT Long/Short ratio reveals that, currently, for every 3.04 long positions, there is only one short position, indicating strong bullish sentiment among traders.
Currently, 75.23% of top traders hold long positions, while 24.77% hold short positions.
According to expert technical analysis, TRX appears bullish as it has recently broken out of a trendline it had been consistently testing since early December 2024, as well as the neckline of a bullish double-bottom price action pattern. Following the breakout, TRX sentiment seems to be shifting and is poised for significant upside momentum.
Based on recent price action and historical momentum, if TRX closes a daily candle above the $0.25 level, there is a strong possibility it could surge by 35%, reaching the $0.34 level in the coming days.
At press time, TRX is trading near $0.255, having experienced a price surge of over 5.50% in the past 24 hours. However, during the same period, its trading volume dropped by 25%, indicating lower participation from traders and investors compared to the previous day.
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