Despite the significant positive developments for Tron, its native token TRX is struggling amid the bear market. Following the market rally in the past few weeks, TRX is up 3.74% on the weekly chart.

The altcoin has registered considerable upside after forming a bullish flag earlier this month.

The recent growth and popularity of the Tron Network has analysts anticipating a major breakout for TRX. For example, Whales Crypto Trading shared his analysis on X (formerly Twitter) and stated,

“Tron is rebounding from the lower boundary of the weekly ascending channel. This bullish structure anticipates gains of 100-150%.”

The altcoin will gain more than 100% and set a new all-time high if it breaks out of the current resistance zone at $0.27.

Mainstream sentiment

According to AMBCrypto’s analysis of Market Prophit, TRX’s market sentiment is 0.1127 at press time, while the popularity score is 1.028.

The market’s favor for altcoins stems from recent data, with Token Terminal showing the Tron network surpassing Ethereum [ETH], while stablecoins such as Tether [USDT] are also seeing increased adoption of Tron.

What the price chart suggests

As of this writing, TRX is trading at $0.1336, down 1.56% on the daily chart. Likewise, the altcoin has seen a 32.1% drop in trading volume over the past 24 hours.

However, analysis by AMBCrypto shows that recent gains have outweighed losses, and the market remains optimistic at press time.

At press time, the Chaikin Money Flow (CMF) was positive at 0.11, indicating increasing buying pressure. This suggests that buying interest in TRX increased and the price closed near its highs.

Likewise, the altcoin’s Directional Movement Index (DMI) is showing a strong uptrend, reading 23.9 at press time, above the negative reading of 17.9, suggesting a continuation of the current trend.

Looking further, AMBCrypto’s analysis of IntoTheBlock shows that the market is favored by large holders. At press time, the net flow of altcoin large holders is positive, at 69.91mtrx.

This indicates an increase in whale inflows. In the past 24 hours, whale inflows were 144.22 mTRX, while outflows were below 74.3 million TRX.

This shows that whales are confident about the prospects of altcoins.

Finally, long position liquidations have declined over the past seven days.

Long position liquidations dropped from $54,000 to $22,000, which suggests that long position holders are willing to pay a premium to hold their positions.

Can TRX rebound?

If the current market conditions remain the same, TRX will see an upward trend.

Therefore, if the daily chart closes above $0.135 and reclaims the monthly high of $0.139, TRX will break out of the yearly high of $0.145 and touch $0.155.

However, a pullback at this level will lead the altcoin down to $0.128.