Tron price remained in a tight range on Friday, a day after crypto billionaire Justin Sun met with Donald Trump at the exclusive VIP dinner.
Tron (TRX) token was trading at $0.2680, a few points below this week’s high of $0.2805. It has remained in a consolidation phase since January.
The token reacted mildly to Thursday’s exclusive dinner between Trump and the biggest holders of his meme coin.
Sun, who is a crypto billionaire, emerged as the biggest holder of Trump coin. According to the New York Times, it was his first time meeting with the president. He told the paper that he wanted to discuss the future of crypto with him, though it is unclear if the two had a one-on-one meeting.
Sun has invested heavily in Trump’s projects. He is one of the biggest investors in World Liberty Financial and the biggest holder of the Trump Coin. At the same time, World Liberty has invested in TRX tokens worth over $10 million, and the SEC ended charges against him.
A possible outcome with his indirect relationship with Trump is that the SEC may approve a recently filed spot TRX ETF by Canary Capital. Such a move would be controversial since Sun is a Chinese citizen and Trump has said that he will focus on Made in the USA coins.
Separately, Tron’s network is doing well, with third-party data showing that it is the second-most profitable players in the crypto industry this year. It has made $1.3 billion in fees this year, much higher than other chains like Ethereum (ETH) and Solana (SOL).
Tron will likely keep doing well in the coming years as analysts predict that stablecoins growth is just getting started. Tron is the biggest processor of all USDT transactions, with TronScan data showing that it handled a volume of $118 billion on Thursday.
Tron price technical analysis
The daily chart shows that the TRX price has moved sideways in the past few days. It peaked at $0.2805 this week as Sun met with Trump. This was a notable price since it coincided with the upper side of the ascending channel that connects the highest swings since February 10.
Tron is above the 50-day moving average, while the Relative Strength Index has formed an ascending channel. Therefore, the coin will likely have a bullish breakout once it exits the current accumulation phase. If this happens, the next point to watch will be at $0.3112, the highest swing on December 12.
