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Tron Transactions Outpaces Major Networks; What’s Next For TRX Price
The Tron Network has recorded a significant surge in transaction volumes compared to its rival networks in recent months. The remarkable trend is attributed to the network’s efficiency and cost, which have made it increasingly popular among retail users. Additionally, institutional inflows have contributed to the rise in transactions.
Data from CryptoQuant reveals that the Tron network outpaced other major blockchains over the last three months. In October, November, and December, monthly transaction volumes reached $182 million, $167 million, and $135 million respectively.
The decline of TON’s network has also been cited as a factor in Tron’s ascendancy to the top spot, coupled with increased activity from Tether. Tron’s USDT volume is another key driver of bullish activity, which comes as retail crypto traders have ramped up their gains following the market surge.
As TRX continues to gain momentum, investors are left wondering what lies ahead for its price. One crucial factor that will determine the asset’s future trajectory is the US election outcome. The recent poll has had a significant impact on cryptocurrency prices this quarter. After the polls, TRX hit an all-time high of over $0.45 before sharply correcting by 40%. However, an in-depth analysis shows that there are more positive indicators for TRX.
According to CryptoQuant, a custom indicator combining RSI and MACD signals points towards a move away from the ‘overbought’ zone. This could signal incoming bullish activity with healthier investor conditions. As institutional investors reposition assets ahead of next year’s projected rally, whales have begun ramping up token purchases.
To capitalize on Tron’s continued momentum, it is crucial to monitor this custom indicator and stay updated on market trends. If an ‘oversold’ signal presents itself in the coming days, it could offer a solid buying opportunity for those seeking to ride the wave of Tron’s bullish sentiment.
Therefore, patience remains essential as investors watch the development closely and await the right moment to re-enter the market.
Source: zycrypto.com
