TRX Slides 2.98% Amid $210M Nasdaq Merger and $100M Equity Boost, Eyes Recovery

TRON (TRX) is currently trading at $0.2641, reflecting a 2.98% decline over the past 24 hours from a 24h open of $0.2722, with a 24-hour trading volume of $1.08 billion and a market capitalization of approximately $24.75 billion, ranking it as the 8th largest cryptocurrency. The recent price decline can be attributed to market consolidation following significant corporate developments, including a $210 million reverse merger with Nasdaq-listed SRM Entertainment (to be renamed Tron Inc.), a $100 million private equity injection, and ongoing speculation about a potential U.S. public listing. Despite positive news such as TRX surpassing Dogecoin in market cap, increased adoption for payments, and robust trading activity, the asset has faced short-term selling pressure, likely due to profit-taking and cautious market sentiment, as reflected by a neutral-to-fearful market stance. Technical indicators suggest support around $0.26–$0.27, with resistance near $0.278, and forecasts indicate potential for price stabilization or moderate recovery if buying momentum resumes.