TRON (TRX) Price Analysis: Key Metrics Suggest the Altcoin Is Not Yet Done to the Upside

As the cryptocurrency market sees an uptick at year's end, CryptoQuant analyst Joao Wedson has identified TRON as a top contender for a possible price explosion.

CryptoQuant analyst Joao Wedson has identified TRX as a top contender for a possible price explosion.

At 2.7%, TRX changes hands at $0.2565 on Dec. 31, reflecting the general bullish sentiment across major cryptocurrencies like Bitcoin, Ethereum, and XRP.

The broader crypto market enjoyed a last-minute rally in 2024, with Bitcoin leading the charge and altcoins following suit. Among the standout performers is TRX, which has quietly put up an impressive performance.

After a turbulent year that saw TRX highs and lows, the coin is poised for a strong finish. But what does the future hold for TRX? Could it be setting the stage for a price explosion in 2025?

Let’s take a closer look at the technical indicators and market analysis to uncover the possibilities.

TRX Shows Strength with Trendline Support, Setting Stage for Potential Surge

A key element in Wedson’s analysis is the Price Drawdown from All-Time High (ATH) indicator and TRX’s adherence to a long-term trendline leading back to 2019.

According to the Price Drawdown metric, which measures a coin’s decline relative to its ATH, TRX has held above a critical trendline.

This trend line has acted as robust support during accumulation periods and as a catalyst for recovery,” Wedson said, pinning the structured technical behavior of TRX. He believes this consistency makes TRX an attractive asset for traders and long-term investors.

Price movements by TRX reflect a trendline which, over the years, it has always respected with a few bounces across different times, affirming the strength of this support level. As Wedson says, TRX has used this line numerous times as the basis for a bounce.

TRX is at a crucial trendline since 2019, showing resilience and less aggressive declines over time. Currently at support, it’s a strategic point for those seeking exposure. Could this mark the start of a new rally?

— Joao Wedson (@joao_wedson) December 31, 2024

Moreover, a two-year analysis of the Price Drawdown from ATH in TRX has presented a downtrend line, meaning the bear drawdowns weaken over time, giving out stronger control of bulls and weaker selling pressure.

According to Wedson, TRX is at the trendline support at the prevailing price levels, where he indicates that bulls would make good entries. The analyst says this positioning could set in some formidable upward momentum.

TRX reached its ATH of $0.4407 on Dec. 4, a 40% drawdown from the top. The altcoin’s continued support closer to the trendline suggests a sustained rally could see it inch closer to a retest or surpass its previous highs.

The altcoin has seen a 140% gain over the past year, making it a top performer among major cryptocurrencies.

With a solid technical foundation and historic price behavior, TRX is a cryptocurrency to watch for the new year. Will the predicted surge materialize? It will depend on how the market reacts to these critical support and resistance levels.