While top coins like Bitcoin [BTC] face price correction, Tron [TRX] decoupled from the market as its price increased
decoupled from the market. This was the case as the token’s price surged in double digits over the last 24 hours. Let’s have a look at TRX’s on-chain data to find out whether this trend will continue.Tron bulls have been playing their top game in the last seven days as the token’s price surged by 22%. In fact, in the last 24 hours alone, TRX’s price increased by more than 11%.at $0.16 with a market capitalization of over $13.8 billion, making it the 10th largest crypto.
According to Lookonchain, the Tron Network has made over 1.84 million TRX, or almost $246k, since launching SunPump in just a few days. The price rise also had a positive impact on the token’s social metrics. AMBCrypto’s analysis of Santiment’s data revealed that TRX’s weighted sentiment increased sharply.
This indicated that bullish sentiment around the token was dominant in the market. Additionally, its social volume also surged, reflecting an increase in the token’s popularity in the crypto space.While this price increase looked optimistic, Tron has a few obstacles ahead. AMBCrypto’s look at IntoTheBlock’s data revealed that 100% of TRX investors were in profit.
This suggested that investors might choose to sell their holdings in order to earn profits. If that happens, selling pressure would rise, in turn putting an end to TRX’s bull rally.AMBCrypto’s analysis of Coinglass’ data pointed out yet another bearish metric. TRX’s long short ratio registered a decline. This indicated that there were more short positions in the market than long positions, which was bearish.
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