bullish

Avalanche

Note

TRX (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tron-price-index" rel="null" target="null" text="null" title="null">TRX</a>), the native token of the Tron network, painted a “God candle” on Dec. 3, rising as much as 104% to hit new all-time highs at $0.45. 
TRX has climbed about 140% from its Nov. 5 low of around $0.16 and is up more than 94% over the last seven days.
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/?symbol=CRYPTOCAP%3APEPE" rel="null" target="null" text="null" title="null">TradingView</a> shows TRX trading at $0.38, up 70% over the 24 hours.&nbsp;
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/01939117-e36e-7e19-8aa5-fd2d2b1be505" title="">
 <figcaption style="text-align: center;">
 TRX/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/KyHJEH8T/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/KyHJEH8T/">TradingView</a>
 </figcaption>
</figure>
High market activity also accompanies TRX’s price surge, with its daily spot trading volumes topping $14.6 billion on Dec. 4, rising by 510% over the previous day.&nbsp;
This performance has led to questions about the sustainability of the uptrend and whether the rally has overheated.
<h2 id="trx-flips-avalanche-to-reenter-top-10">TRX flips Avalanche to reenter top-10</h2>
TRX’s price performance over the last 24 hours is accompanied by <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trx-20-b-record-altseason-signal-december" rel="null" target="null" text="null" title="null">growth in its market capitalization</a>, which has seen it reclaim its spot among the top 10 largest cryptocurrencies by market value.
The token’s market cap has grown by 65% over the last 24 hours to a record-high of $32.8 billion, flashing another bullish signal for the altcoin going into 2025.
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/01939119-7fc8-7d63-ba3a-c8fbb2ce818a" title="">
 <figcaption style="text-align: center;">
 TRX market capitalization. Source: CoinMarketCap
 </figcaption>
</figure>
TRX is now valued more than Avalanche (<a data-ct-non-breakable="null" href="https://cointelegraph.com/avalanche-price-index" rel="null" target="null" text="null" title="null">AVAX</a>), which has slipped to 11th place with a market value of $22 billion.&nbsp;
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/01939119-df91-7cf8-b005-92e5c473a038" title="">
 <figcaption style="text-align: center;">
 Performance of 10 largest cryptocurrencies by market cap. Source: <a data-ct-non-breakable="null" href="https://coinmarketcap.com/" rel="null" target="null" text="null" title="https://coinmarketcap.com/">CoinMarketCap</a>&nbsp;
 </figcaption>
</figure>
Tron founder Justin Sun <a data-ct-non-breakable="null" href="https://x.com/justinsuntron/status/1864080361166410035" rel="null" target="null" text="null" title="null">commented</a> on TRX’s latest performance, saying that six years later, the network was still here and still building, adding:
<blockquote>
 “Things have changed, but one thing hasn’t: #TRON remains a top 10 contender.”
</blockquote>
<h2 id="increasing-open-interest-backs-trx-s-upside">Increasing open interest backs TRX’s upside</h2>
The surge in the price of TRX over the last day comes after a significant jump in its open interest (OI) over the same timeframe.&nbsp;
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.&nbsp;
TRX’s total OI on all exchanges rose 180% from $157 million on Dec. 3 to a 3.5-year high of $438.3 million on Dec. 4.
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/0193911a-49f3-75ce-85e9-56aa73766171" title="">
 <figcaption style="text-align: center;">
 TRX open interest across all exchanges. Source: <a data-ct-non-breakable="null" href="https://www.coinglass.com/BitcoinOpenInterest" rel="null" target="null" text="null" title="https://www.coinglass.com/BitcoinOpenInterest">CoinGlass</a>
 </figcaption>
</figure>
There is also an increasing demand for leveraged long positions in TRX over the last few days, as indicated by the OI-weighted futures funding rate.
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/0193911a-a91e-7ffe-87c2-65cced82eaaa" title="">
 <figcaption style="text-align: center;">
 TRX average perpetual contracts 8-hour funding rate. Source: <a data-ct-non-breakable="null" href="https://www.coinglass.com/currencies/TRX" rel="null" target="null" text="null" title="https://www.coinglass.com/currencies/TRX">CoinGlass</a>
 </figcaption>
</figure>
Note that the current 0.0556% eight-hour rate translates to a 1.16% cost over seven days, which is typically unsustainable for more than a few days.
Nevertheless, the increasing OI and&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/funding-rates-in-crypto-markets#:~:text=The%20impact%20of%20funding%20rates,hinting%20that%20prices%20could%20fall." rel="null" target="null" text="null" title="null">funding rates</a>&nbsp;suggest that futures traders are bullish. This may indicate a continuation of the uptrend similar to the elevated funding rate seen in mid-November before the price began the initial up-move. 
<h2 id="what-s-next-for-trx-price">What’s next for TRX price?</h2>
TRX’s new all-time high and record market cap are the latest evidence of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-key-metrics-point-to-up-only-season-in-altcoins-analysts" rel="null" target="null" text="null" title="null">altcoin season</a> that could see the token’s price rally even higher in December.
“The breakout by Tron (TRX) offers a serious glimmer of optimism to the rest of the market,” <a data-ct-non-breakable="null" href="https://x.com/BCBacker/status/1864118507249504278" rel="null" target="null" text="null" title="null">said</a> Blockchain Backer in a Dec. 4 post on X, adding that although the token was unable to set a new all-time high in 2021, it was capable of achieving that this cycle.
Note that TRX managed to smash through the previous all-time high of $0.23, hit almost seven years ago in January 2018.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/justin-sun-invests-30-million-trump-world-liberty-financial" rel="null" target="null" text="null" title="null">Justin Sun has just become Trump crypto project’s biggest investor</a>
Meanwhile, technical analyst Mihir&nbsp;<a data-ct-non-breakable="null" href="https://x.com/RhythmicAnalyst/status/1864087168576053723" rel="null" target="null" text="null" title="null">spotted</a>&nbsp;TRX price breaking above an ascending trendline, connecting higher highs in the monthly timeframe, setting the upside target at $1.80.
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/0193911b-c2ee-7a59-8254-0dd7e3e0ffa0" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/RhythmicAnalyst/status/1864087168576053723" rel="null" target="null" text="null" title="https://x.com/RhythmicAnalyst/status/1864087168576053723">Mihir</a>
 </figcaption>
</figure>
“$TRX (Tron) continues heavily on what can be soon noted as a historical bullish move,”&nbsp;<a data-ct-non-breakable="null" href="https://x.com/JavonTM1/status/1863990245017993244" rel="null" target="null" text="null" title="null">said</a>&nbsp;another analyst, Javon Marks, on X.
The analyst added that TRX’s uptrend was “far from done,” setting the upside target above $1.00.
<blockquote>
 “The price could be headed right to the $1.11 areas in another &gt;369% climb.”
</blockquote>
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/0193911c-385e-79b6-bacb-d957e5513ceb" title="">
 <figcaption style="text-align: center;">
 TRX/USD hourly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/JavonTM1/status/1863990245017993244" rel="null" target="null" text="null" title="https://x.com/JavonTM1/status/1863990245017993244">Javon Marks</a>
 </figcaption>
</figure>
However, not all analysts were optimistic about TRX’s continued uptrend, with pseudonymous analyst Team LAMBO warning of a possible correction toward $0.33.
<figure>
 <img alt="Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?" src="https://s3.cointelegraph.com/uploads/2024-12/0193911c-9164-7f74-8b55-a62e33290338" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/TehLamboX/status/1864174881048510576" rel="null" target="null" text="null" title="https://x.com/TehLamboX/status/1864174881048510576">Team Lambo</a>
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Tron copies XRP with 70% 'god candle' to all-time highs — What’s next for TRX price?

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