TRX Price Nears $0.42 as Profit-Taking Signals Pullback
Tron’s native token TRX approached $0.42 after a sustained rally driven by token burns and high network fees. Daily trading volume topped $920 million, and realized gains hit near–record highs, second only to Bitcoin and Ethereum. A 1.04 Spent Output Profit Ratio (SOPR) and rising net unrealized profits suggest holders—some from the 2020–21 bull run—are booking gains.
Since early 2023, Tron has burned over 40 billion TRX, boosting scarcity. In August alone, the foundation removed 166 million tokens. Meanwhile, USDT issuance on Tron continues to generate billions in annual fees, reinforcing TRX’s value proposition. Justin Sun’s high-profile promotions have further fueled interest.
Technical indicators warn of a short-term TRX price correction. The MACD shows growing bearish momentum, although the Stochastic RSI near 40 hints at waning selling pressure. Traders should watch for a pullback before the uptrend resumes.
Bearish
The news highlights a surge in profit-taking after TRX’s rally, with a SOPR above 1 and record realized gains indicating holders are locking in profits. Technicals reinforce a short-term bearish outlook: the MACD shows increasing selling momentum, while token burns and network fees underpin long-term strength. Similar past events—such as post-burn corrections—saw temporary pullbacks before resuming upward trends. Traders should prepare for a potential short-lived TRX price correction before fundamentals drive another push higher.