A significant transfer of 629,967,847 TRON (TRX), valued at $139,504,582, has occurred between two unknown wallets. Can this lead to Tron price action turning course?
The transaction has drawn attention due to its size and the wallets’ anonymity. This comes amid a period of price stability and market uncertainty for Tron price, raising questions about potential market movements.
Whale Activity Raises Tron (TRX) Price Concerns
The movement of such a large volume of TRX suggests possible whale activity or strategic repositioning by a major market player. Just recently, another substantial transfer of 264,073,539 TRX, worth $58,362,440, occurred between unidentified wallets.
Such deals have fueled the discourse concerning strategic accumulation, market manipulation, and asset disposal activities behind them.
Massive share transfers directly affect price movements because traders usually respond to changing annual supply distribution.
The market follows these big wallet transfers with a keen interest in deciphering whether traders will offload their holdings or organize strategic acquisitions. If these wallets belong to an institutional entity, the impact on TRX’s price movement could be significant.
Technical indicators reveal that TRX remains under pressure, with a slight decline of 1.70%, bringing its price to $0.220581. Trading activity has stabilized close to $0.25 as sellers defend this level, which has restricted price growth during the past weeks.
If buying pressure does not increase, TRX may continue facing downward pressure toward lower support levels.
TRX Faces Bearish Trend With Weak Support
The Relative Strength Index (RSI) has dropped to 38.97, signaling that Tron price is approaching oversold conditions.
The MACD indicator continues in a bearish pattern while its lines show the MACD below the signal line. The current position of indicators indicates a bearish trend which may continue during the next period.
TRX remains in a consolidation phase, with support holding at $0.22 and stronger support appearing closer to $0.15.
Viewpoints on funding rates have become essential because alterations in open interest indicators help forecast future market price shifts. If sentiment remains neutral, TRX could continue trading within its current range.
The price needs to definitively exceed $0.25 to potentially trigger positive momentum which would shift market sentiment.
TRX Holders Face Key Profitability Levels
At the current price of $0.220685, approximately 48.51% of TRX holders are classified as “In the Money.” The investors acquired their tokens for less than current prices, which now generates profits for them. M
eanwhile, 26.17% of holders are “Out of the Money,” holding TRX at a loss, while 25.32% are at breakeven levels.
Data indicates that around 41.37 billion TRX, worth $9.13 billion, is in the hands of profitable investors. Another 22.32 billion TRX, valued at $4.93 billion, belongs to holders at a loss.
Additionally, 21.6 billion TRX, representing $4.77 billion, is at break-even levels, which could influence market sentiment if prices move sharply.
A key resistance zone exists between $0.222434 and $0.232466, where a significant volume of TRX is held by break-even or slightly loss-making investors.
If Tron price surpasses $0.232, more holders could turn profitable, potentially reducing selling pressure. Market sentiment will probably intensify since existing investors start making losses when prices fall below $0.220685.
