The Tron (TRX) price has stalled between the key support and resistance levels

The Tron (TRX) token was trading at $0.2430, giving it a market capitalization of $23 billion, making it the ninth-largest coin in the cryptocurrency industry.

The price of Tron (TRX) has stalled between key support and resistance levels despite the fact that its fees have been rising.

Tron, the ninth-largest coin with a capitalization of $23 billion, was trading at $0.2430 on Friday.

As TokenTerminal's data shows, Tron has generated over $985 million this year, making it the second most profitable player in the cryptocurrency industry. For comparison, Tether (USDT) is the most profitable cryptocurrency with $1.07 billion in total fees.

Tron has become a more profitable layer-1 network than Ethereum (ETH) and Solana (SOL), which have made of over $388 million and $234 million, respectively.

Its fees have come from its stablecoin transactions. Tronscan data shows that it has become the largest processor of Tether, the largest stablecoin in the cryptocurrency industry. On Friday, it processed $33 billion. There were 2.1 million transfers on Friday, with the number of transfer accounts rising to almost 1 million.

Tron has also benefited from the growth of its decentralized finance sector. According to DeFi Llama, the volume of tokens handled on the Tron blockchain increased by 20% over the last seven days to over $1.06 billion. It has handled over $3.45 billion in the last 30 days, making it one of the biggest chains in crypto.

Tron price technical analysis

The daily chart shows that the TRX price has remained in a tight range in the past few months. It has remained between the support at $0.2165 and the resistance at $0.25, highlighting the fact that the token is bullish in the long term.

It has moved above the 50-day moving average and formed a bullish divergence as the MACD and the Relative Strength Index have continued rising.

Therefore, the token will likely have a bullish breakout as its fundamentals strengthen. If the price rises above the upper side of the channel at $0.2585, more gains will be confirmed.

A move above that level will indicate more gains. The next point to watch is $0.3085, which had its highest swing on Dec. 16. A drop below the support at $0.2165 will invalidate the bullish forecast.