Justin Sun rings the bell at Nasdaq opening ceremony as TRX flips ADA in market cap rankings

Justin Sun rang the Nasdaq Opening Bell on July 24 to celebrate TRON Inc.’s debut, as TRX price steadies within its ascending channel after a breakout attempt lost momentum.

On Thursday, July 24, Justin Sun, founder of the TRON blockchain, rang the Nasdaq Opening Bell in Times Square to mark the public debut of TRON Inc. TRON Inc. emerged from a reverse merger with SRM Entertainment, a Nasdaq-listed company known for supplying merchandise to global theme parks. Following the merger, the company rebranded as TRON Inc. and now trades under the ticker symbol TRON.

“Ringing the Nasdaq Opening Bell marks a powerful milestone in Tron Inc.’s journey,” said Rich Miller, CEO of Tron Inc, in a press release. “With the addition of Justin Sun as our Global Advisor and our continued expansion into blockchain-powered treasury holdings, this moment highlights our long-term vision to build shareholder value through innovation and strategic leadership.”

Under Sun’s leadership, TRON Inc. has become the largest publicly held holder of TRON (TRX) tokens. The company’s market cap has surged to approximately $29.8 billion, surpassing that of Cardano (ADA) and solidifying its position as the ninth-largest crypto by market cap, according to CoinGecko.

TRX price technical analysis

TRX price recently attempted a breakout from the ascending channel it’s been trading within since mid-March, reaching an intraday high near $0.34 before quickly pulling back into the channel. The move above the channel’s upper boundary appeared promising at first, as TRX price extended its multi-month uptrend and remained well above the 20-day EMA throughout July.

This EMA now serves as dynamic support, containing the recent pullback from the $0.34 peak. The price is currently hovering just above it, around $0.31. Moreover, the price remains in the upper region of the channel, which increases the likelihood of another breakout attempt.

If support holds between $0.30 and $0.28 — the EMA and channel midpoint — TRX price could base for another breakout attempt. A confirmed close above $0.34 would be needed to validate a fresh leg higher, with an upside target around the psychological $0.40 mark. However, a close below $0.30 would increase the likelihood of continued consolidation within the ascending channel.