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Tron Transactions Outpaces Major Networks; What’s Next For TRX Price
The Tron network has recorded increased transaction volumes compared to rival networks in recent months. Recent events like the decline of the TON network after blistering inflows led to this trend. The price of TRX is also expected to jump following bull signals as it moves out of the ‘overbought’ zone.
A new CryptoQuant report shows the Tron network outpacing other major blockchains in the last three months. In that time frame, monthly volumes totaled $182 million, $167 million, and $135 million in October, November, and December, respectively. The network’s popularity among retail users is rising due to its efficiency and cost. Institutions have also played a part as inflows lead to more market transactions.
According to analysts, the decline of TON enabled Tron to take the top spot, coupled with Tether’s activity. In previous months, Telegram-based games took over the ecosystem, with the network being a huge beneficiary. Inflow to the ecosystem began to decline as momentum shifted to other networks.
Furthermore, Tron’s USDT volume is another driver of bullish activity. This comes as retail crypto traders ramp up gains on the back of the market surge. The United States election was a major driver of crypto prices this quarter. After the polls, the asset hit a new all-time high above $0.45 before sharply declining.
It should be noted that Justin Sun’s announcement of a $30 million investment in Donald Trump’s World Liberty Finance did not affect the price of TRX as much as expected. However, the wider market crash saw the asset record a 40% correction, although bull signals increased on-chain data.
According to CryptoQuant, a custom indicator based on the combination of RSI and MACD points to a move away from the overbought zone. This is a sign of incoming bullish activity with healthier conditions for investors ahead of next year’s projected rally.
Ahead of this projected rally, institutional investors are repositioning assets and whales are ramping up tokens.
Source: zycrypto.com
