On Friday, the price of Tron stayed within a narrow band, following a private meeting between cryptocurrency tycoon Justin Sun and former U.S. President Donald Trump at an exclusive event the previous day.
The TRX token was currently valued at around $0.2680, slightly lower than its peak this week of $0.2805. Since the start of January, it has been in a period of stability or consolidation.
The token showed a modest response to last Thursday’s private dinner involving Trump and the largest investors of his meme cryptocurrency.
A cryptocurrency tycoon, known as Sun, became the largest owner of Trump coins, according to The New York Times. This was his initial encounter with the president. He shared with the newspaper that he aimed to discuss the future of cryptocurrencies with him; however, it remains uncertain if they had a private meeting.
Sun has put a substantial amount of money into Trump’s ventures, making him one of the major investors in World Liberty Financial and the top owner of the Trump Coin. Simultaneously, World Liberty has purchased TRX tokens valued at over $10 million, and the Securities and Exchange Commission (SEC) dropped accusations against him.
One potential scenario could be that, given his indirect connection to Trump, the SEC might endorse the recently submitted TRX ETF by Canary Capital. However, this decision could stir up controversy, as Sun (the person involved) is a Chinese citizen, and Trump has expressed intentions towards promoting “Made in the USA” coins.
On their own, Tron’s network has thrived, according to external data, it ranks as the second-highest earning players in the cryptocurrency sector this year. It has amassed approximately $1.3 billion in fees alone, significantly outperforming other networks such as Ethereum (ETH) and Solana (SOL).
In the forthcoming years, it’s expected that Tron will continue to thrive since analysts believe the expansion of stablecoins is merely beginning. Notably, Tron leads in processing all USDT transactions, as evidenced by TronScan data showing a volume of $118 billion was processed on Thursday alone.
Tron price technical analysis
Over the recent days, the daily graph indicates that the TRX price has been trending horizontally. It reached a significant high of $0.2805 this week following Sun’s meeting with Trump. This peak is noteworthy because it aligns with the upper boundary of the ascending channel that links the highest price fluctuations since February 10.
As a crypto investor, I’ve noticed that Tron is currently sitting above its 50-day moving average, and the Relative Strength Index (RSI) has formed an ascending channel. This suggests that we might be in for a bullish breakout once Tron moves out of its current accumulation phase. If this occurs, my attention will shift to $0.3112, the highest swing point on December 12, as it could potentially be our next target.
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2025-05-23 21:24