TRON Reaches Massive Milestone: Is TRXs Price Primed to Rocket?
TL;DR
- Trons network continues to attract users due to its fast transaction speeds and low costs, hence the latest impressive milestone.
- At the same time, the native tokens price seems stuck between two major buy and sell walls, with little indication of the direction of the next move.
Although its still behind the leader, Ethereum, Trons USDT share has skyrocketed in the past few years. According to Tethers transparency page, almost $72 billion worth of the worlds largest stablecoin is on Tron (from the Total Authorized amount), while Ethereum leads with $74.5 billion.
The numbers are even closer when you look at the net circulation $73 billion for Ethereum and $71 billion for Tron. Solana, Ton, and Avalanche trail further behind, with around $2 billion each.
Perhaps thats one of the biggest reasons behind the milestone we hinted about. CryptoQuant informed earlier this week that Tron has grown to be one of the most active blockchain networks in the world as it had crossed the $10 billion total transactions target.
The report claims that the daily transaction count is well above $8 million, which places Tron among the leaders in the space.
Although the current average daily numbers are far from the 2023 peak, they are still close to the bull runs in mid-2021 and late 2024.
TRXs price exploded late last year, surging to a new all-time high of over $0.43. However, it failed to maintain its run and has lost over 40% of its value since then. The past few months have seen the asset trading mostly in a tight range between $0.2 and $0.26.
According to a popular market observer and data analyst, TRX has built a buy wall at approximately the current price range, which acts as support in case of a violent nosedive. However, it also has a sell wall at around $0.3, which could mean that the asset will remain within this range for a while.
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Text source: CryptoPotato
