TRON (TRX) Shows Significant Growth, With Daily Transactions Reaching 8.4 Million

TRON has shown significant growth, with its daily transactions reaching 8.4 million. TRON reached its highest levels of activity during both the 2021 and 2023 market bull periods but has demonstrated continuous daily adoption growth. The consistent surge in on-chain network usage remains frequently ignored by analysts, yet suggests excellent potential for TRON’s upcoming technical development.

Milestone: TRON just crossed 10.0 B Total transactions!

“Daily transaction count is around ~8.4 million. This is among the highest in the space. Activity has picked up during bull market spikes in 2021 and 2023, but is still growing daily.” – By @JA_Maartun

TRON’s DeFi Growth and Recovery

Multiple on-chain data metrics indicate that TRON expands adoption while its business activities surge. The DeFiLlama platform shows that the current value of funds locked in the blockchain stands at $5.03 billion. The recorded value of $7 billion from earlier in 2023 has now dipped to $5.03 billion after the initial peak.

This downward trend demonstrates recovery patterns. The volume on decentralized exchanges utilizing TRON technology achieved its highest point ever in April because it surged from $3.4 billion during March to $4.9 billion.

The stablecoin market adoption on the platform continues its upward trajectory. The stablecoin market capitalization of the network expanded from $58 billion during January to surpass $70 billion. Platform experienced a major surge in late April as it added $2.17 billion during that single week. The stablecoin market stronghold of the platform received additional support when USDT worth a billion dollars was minted on April 21.

Price Movement and Indicators

TRX appears positioned slightly below its essential resistance mark of $0.25 at its current trading price of $0.245. The market exhibits positive signs because the TRX price maintains its position above both the 50-day and 100-day moving averages. The relative strength index (RSI) is at 51, suggesting a neutral market, while the moving average convergence divergence (MACD) points to a slightly negative trend. The market participants need additional bullish signals before considering making new investments.

TRX can rise toward $0.26 to $0.265 if it manages to overcome $0.25 resistance while staying within dollar range of the upper Bollinger Band. A bullish setup will become invalid for TRX if prices decline below $0.243, triggering a potential price revisit of the $0.239 to $0.240 support zone.