Tron Blockchain Users Surge to 2.5M, TRX Up 5%
The Bottom Line
The Tron blockchain has seen a notable increase in daily active users to 2.5 million. This increase is also reflected in a positive price development of the associated cryptocurrency TRX, which has gained more than 5% in the last week. These developments suggest an increased acceptance and use of Tron and could have interesting effects on the price development of TRX.
Rising Network Activity as a Growth Driver
Since the beginning of the year, the Tron blockchain has shown an impressive increase in network activity. The number of daily active addresses has steadily increased and now averages 2.5 million. This number significantly exceeds that of other leading layer-1 blockchains and underscores the increasing acceptance and use of Tron. A closer analysis of network activity also shows that both the number of transactions and the generated fees and revenues have increased in the last month. However, there has been a decline in Tron’s DeFi sector, which is reflected in a significant drop in the Total Value Locked (TVL).
TRX Shows Strength in the Crypto Market
Despite the mixed picture in the DeFi area, TRX could be one of the few cryptocurrencies that could keep their weekly balance in the positive range. With a price increase of over 5% in the last seven days and a market capitalization of over $10.7 billion, TRX currently ranks 11th among the largest cryptocurrencies. The increase in the long/short ratio also suggests a prevailing bullish sentiment in the market. Technical indicators, such as the MACD and the Chaikin Money Flow (CMF), confirm this positive trend, although the price of TRX recently reached the upper limit of the Bollinger Bands, which could indicate a possible correction.
Price Forecasts and Market Outlook
Should a correction occur, the price of TRX could fall to $0.115, which would lead to an increase in liquidations. However, if the bulls maintain control, it is possible that TRX could soon reach the $0.13 mark. These developments are of particular interest to investors who want to keep an eye on the dynamics of Tron and TRX.
Our Assessment
The impressive increase in daily active users on the Tron blockchain and the resulting positive price development of TRX underscore the potential of Tron in the crypto market. Although Tron’s DeFi sector is currently showing weaknesses, the overall market dynamics and the bullish sentiment around TRX could have long-term positive effects. However, investors should keep an eye on the possible correction and adjust their strategies accordingly.
Sources
– Artemis
– CoinMarketCap
– Coinglass
– TradingView
– Hyblock Capital
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