Tron (TRX) has rebounded from a temporary setback, and its price climbed by over 3% in the last 24 hours. Within this same time frame, a Tron whale deposited over 99 million TRX on the Binance exchange, which has sparked speculation.
Tron whale activity sparks sell-off fears
According to Whale Alert, the unknown sender deposited 99,397,872 TRX in one transaction on Binance. The high-profile move could have occurred for several reasons, such as strategic repositioning or possibly selling the asset.
Generally, such a large transfer triggers sales speculation and could add to the ecosystem’s selling pressure.
Depending on how the Tron community reacts, the massive transfer could stir panic as smaller retail investors dump their holdings, for fear of a bearish decline.
As of press time, Tron is changing hands at $0.2727, representing a 3.72% increase in the last 24 hours. However, trading volume has declined significantly, by 26.82% to $678.96 million, within the same period.
This pullback by Tron investors might be to monitor price action as TRX attempts to retest the $0.280 level. The ecosystem might witness a sentiment shift if the coin breaches this resistance level.
It is likely that the depositor of nearly 100 million TRX has moved their assets to Binance in anticipation of a rally for quick sales.
Analysts and market participants will remain interested in these large movements to gain clues on possible price direction.
Network strength reinforces Tron’s bullish outlook
On the broader crypto market, Tron is making remarkable achievements. The Tron network has gained traction on the stablecoin market, edging Ethereum out of the leading position. Tron’s lower speed and quicker settlement time have made it a preferred network by users, a development that could positively impact the price.
Meanwhile, Tron hit a major block production milestone earlier this month, recording 99.7% efficiency. This suggests stability and supports a bullish price breakout.
