• The TRX accumulation during the price uptrend over the past month was a bullish sign.
• The liquidity heatmap hinted that a rally in the coming days was highly likely.

It was recently reported that TRON’s [TRX] daily transaction count doubled from September 2023, increasing from a sub-5 million count to reach 9 million. The network revenue was boosted as a consequence.

Whale accumulation and social media engagement also contributed to the bullishness behind the token.

Source: IntoTheBlock

Data from IntoTheBlock showed that 98% of holders were in the money. The Global In/Out of the Money showed a paltry 4.48 billion TRX were purchased in the $0.288-$0.455 price range.

It was paltry in comparison to the 28.39 billion TRX, worth $7.4 billion, that was purchased in the $0.243-$0.28 range.

This meant that the $0.24-$0.28 was a strong demand zone, and the selling pressure overhead might not be very high. Profit-taking activity could be a threat, but buyers had the upper hand overall.

Proof of TRX seller exhaustion

Source: Glassnode

The Exchange Net Position Change tracks the 30-day shift in the amount of TRX held in exchange wallets. 

A positive reading, like those seen in March and late May—indicates token inflows to exchanges, typically suggesting increased selling pressure.

Over the past month, however, the metric has turned negative. This points to TRX being withdrawn from exchanges, signaling accumulation. 

Notably, this trend has coincided with a gradual upward movement in TRON’s price, which is generally considered a bullish indicator.

A similar pattern of accumulation occurred in October 2024, just before a strong rally in November and December.

 This historical parallel gives investors reason to be optimistic about the potential for another breakout.

That said, TRON has been trading within a range since May. The upper boundary of this range, at $0.2945, remains a key resistance level that must be broken for the uptrend to continue.

Source: CoinGlass

The 1-month liquidation heatmap of TRX highlighted potential trouble for the bulls.

There were two sizeable magnetic zones overhead. These were areas with a high concentration of liquidation levels, represented by warmer colors. The $0.29 region was one, but the $0.295-$0.3 was a stronger magnetic zone.

This meant that it was highly likely that TRX prices would gravitate higher soon, seeking this liquidity cluster.

Thereafter, a bearish reversal would be likely, to hunt the eager long positions that would build up during the rally. Moreover, the $0.3 magnetic zone lined up well with the range highs.

Hence, traders can look to go long, and take profits in the $0.295-$0.3 area. They can wait for a bearish reversal to short the altcoin.

Alternatively, they can use a bullish breakout and retest of the $0.3 level as support, before going long again.