TRON is performing strongly. This week, it stood out as the only coin among the top 20 cryptocurrencies that remained in the green. Large whale purchases and increasing on-chain activity are supporting the price. The TRX/BTC charts show a positive fractal structure reflecting previous upward movements. Long/short position ratios and momentum indicators also indicate that buyers are taking control.

Justin Sun's recent space journey has added extra excitement to TRON. If the main resistance levels are broken, TRON could see a new all-time high by Christmas 2024.

The TRON price seems to defy gravity with Justin Sun's return from space. While most of the top 20 cryptocurrencies have lost value on a weekly basis, TRX is trading just above $0.33 with a 3.3% increase.

So, after reaching the previous record level in December 2024, will TRON be able to maintain an upward trend again? This time, could whale purchases, individual investor support, and positive market sentiment combine to push the price higher?

Whales are in Buying Mode, with Signs of Upward Movement on TRX/BTC Charts

The largest investors of TRON, namely the whales holding 0.1% or more of the supply, have started making bulk purchases. On July 29, 1.3 billion TRX was transferred to these large wallets; this indicates a massive increase of 588% on a weekly basis. Although this figure does not approach the previous ATH of 10.3 billion TRX seen before December 2024, it is a significant sign.

These whale purchases are driven more by macro market conditions than by the excitement generated by Justin Sun's Blue Origin space flight.

(This metric shows the transfer of TRX to whale wallets, unlike exchanges, and generally indicates accumulation, not selling.)

The market is also reacting positively to this story: the TRX/BTC pair is forming an ascending triangle similar to the pattern seen before last year's rise. Currently hovering around 0.00000293 BTC, a possible breakout in this pair could trigger a strong rally in the TRX/USDT market as well.

The TRX/BTC chart measures TRON's strength against Bitcoin. The upward trend shows that TRX has appreciated against Bitcoin. However, despite the optimism of the whales, the momentum has not fully strengthened yet. The Money Flow Index (MFI) is at 52 and is forming downward peaks; this contrasts with the consecutive peaks at high levels (80+) that could trigger a TRON rally in 2024. So, while large investors prepare to act, broader market liquidity may not have fully kicked in yet.

This situation is an important indication that it may take some time for TRON to reach a new ATH.

Investor Sentiment and Long/Short Positions

The Money Flow Index combines price and volume information to measure buying and selling pressure. On the other hand, TRON's long/short position ratios also show that individual investors are mostly in long (bullish) positions. As of August 5, the long/short ratio has risen to 1.36, and more than 58% of open trades consist of long positions. This indicates increasing speculative demand and could support a price increase if momentum gains strength.

This ratio reflects the general market sentiment by showing how many traders in the market are betting on price increases (long) and how many are betting on declines (short).

In summary, traders are ready and waiting; they are now just waiting to draw strength from the market.

TRON's Critical Resistance Level and Future Expectations

Although TRON's price action seems ready on the weekly chart, a strong uptrend has not yet begun. TRX, which is above $0.31, is currently around $0.33 and is following a horizontal trend near the $0.32 level, which previously acted as resistance.

The $0.34 level is crucial for a significant breakout. If the bulls can achieve a weekly close above this level, the path to an increase towards $0.40 could open, with the ultimate target being $0.48, which would mean a new all-time high.

However, if the TRON price falls below the critical support of $0.30 and weekly close is below $0.29, the short and medium-term outlook may weaken and the downtrend could gain momentum.