CoinDesk Report:
Tron’s daily active addresses continue to grow. The price of TRX has risen by more than 13% in the past 30 days.
Tron [TRX] has been renowned in recent years for its robust network activity. Encouragingly, last month the blockchain once again saw sustained growth.
The native token’s price on the blockchain has also followed a similar upward trend.
Overview of Tron’s Network Activity
TRONSCAN, a popular handle, released updates related to the blockchain ecosystem, emphasizing recent achievements in a tweet.
The tweet noted that over the past 30 days, the daily average transaction volume on TRON was 6.84 million transactions. This represents a 6% increase compared to the previous 30 days, clearly reflecting the rising blockchain usage.
To assess TRX’s long-term growth, AMBCrypto examined data from Atremis. We found that over the past three months, daily active addresses on the blockchain have steadily increased.
As a result, daily transactions on the blockchain have also followed a similar trend, marking a continued rise in TRX adoption.
Encouragingly, the blockchain has performed well in capturing value.
We found that over the past three months, TRX fees and revenue have remained consistent and stable. However, Tron’s performance in the DeFi market has been less than ideal.
Indeed, TRX’s TVL has sharply declined over the past three months.
TRX Investors Cheer
While blockchain activity remains strong, TRX’s performance in terms of price also appears optimistic.
According to CoinMarketCap data, the token’s price has increased by more than 13% over the past 30 days. The situation over the last seven days also looks favorable, as the token’s value has risen by more than 3.5%.
At the time of writing, TRX is trading at $0.1297, with a market capitalization exceeding $11.3 billion. Investor confidence in TRX has remained high over the past month.
This is evident from its high sentiment score.
AMBCrypto subsequently examined data from Coinglass to gauge expectations for the token.
According to our analysis, TRX’s long vs. short ratio has declined. This decline indicates that there are more bearish positions than bullish ones in the market, which can be seen as a bearish signal.
In addition, the relative strength index (RSI) has shown a decline, suggesting that prices may fall in the coming days.
Nevertheless, the MACD technical indicator in the market shows a clear bullish advantage. Chaikin Money Flow (CMF) is moving south, implying that prices are likely to continue rising.
