This past week, Tron (TRX) achieved a significant milestone by becoming the 10th-largest cryptocurrency on Sept. 16, surpassing Cardano (ADA).

Tron (TRX) achieved a significant milestone this past week, becoming the 10th-largest cryptocurrency on Sept. 16, surpassing Cardano (ADA) in the rankings.

TRX also saw its first price increase since October 2022, reaching a new high of $0.153 on Friday. However, a minor correction brought the price just below $0.152.

Tron is currently facing resistance at the $0.152 level, and a successful move past this barrier could signal further upward momentum.

Tron founder Justin Sun has expressed a bullish outlook on TRX, predicting that it will soon rank among the top three digital currencies by market capitalization.

In an interview with Altcoin Daily, Sun highlighted Tron’s rapid development as a key driver of its competitive edge against market leaders Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).

Sun pointed out that his optimism is now more grounded in Tron’s evolution and realistic prospects compared to seven years ago, when his statements were largely driven by ambition.

"I believe #Tron will become a top 3 cryptocurrency in the next 2 years" - Justin Sun

A technical analysis of TRX price action reveals that the token's price has been decreasing since Aug. 25, forming a descending channel on the daily chart, with lower highs and lower lows.

This price movement is significant as it indicates a downtrend in the market. The price has been fluctuating within this channel, with highs and lows gradually decreasing.

Another key indicator is Open Interest (OI), which reflects the number of unsettled futures or options contracts. This metric provides insight into the level of activity and traders' interest in a particular cryptocurrency.

For TRX, the OI has been trending down after peaking at $191 million on Aug. 21. However, the current seven-day average for TRX's OI is at $214 million, which may indicate a shift.

If market sentiment improves and demand for TRX increases, we could see the price breaking through resistance, targeting its recent highs of $0.17.

This would signal a reversal of the ongoing downtrend and could lead to renewed bullish momentum in the coming days.

The relative strength index (RSI) is at 69.68 and signals "Sell." The future of the TRX price for October is likely to be defined in the next several days.

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