Tron Hits Key Price Levels as Revenue and Adoption Soar: What’s Next?
Despite the broader bearish trend in the cryptocurrency market, Tron (TRX) has shown resilience with significant growth in key indicators.
most recent analyze Articles from CryptoQuant contributors reveal Tron’s expanding ecosystem and revenue surge, making a compelling case for its role in the continued development of blockchain technology.
One of the highlights is the significant increase in TRON’s daily on-chain revenue. The increase is based on data shared by analyst Crazyblockk Driven by higher gas bills on the network revenue and higher transaction volume.
Additionally, Tron’s price action seems to be getting more interesting now as it approaches key support and resistance levels that could determine its direction recent trajectory.
Daily revenue growth reflects network utility
CryptoQuant analyst Crazyblockk said that Tron’s daily on-chain revenue has increased by 119% since January 1, 2024, a metric that is closely related to the increase in Gas usage and the increase in transaction activity on the blockchain.
The surge, disclosed by analysts, highlights Tron’s scalability in “handling high transaction volumes” while maintaining “cost efficiency.” The revenue growth also highlights the network’s widespread adoption within the decentralized finance (DeFi) and smart contract ecosystem.
The network’s ability to generate significant gas fee revenue could serve as a benchmark Blockchain performanceTron’s data shows growing user engagement and usefulness. The analyst wrote:
Year-to-date revenue growth marks increased user demand and network utility, further solidifying Tron’s position as a leading blockchain for high-speed, low-cost operations.
Crazyblockk also stated that this trend reflects the economic viability of the network and its strengthened position within the network. Blockchain optimization For high speed and low cost operation.
Additionally, this development is particularly important as blockchain networks compete to attract developers and investors with prominent decentralized applications. The analysts concluded:
With explosive growth in daily revenue, Tron is setting new standards for blockchain economic models. Investors, developers, and users should all pay close attention as this trend will continue to reshape the adoption of decentralized finance and smart contracts.
Tron approaches critical levels
Meanwhile, from a technical perspective, Tron has reached a key level close to its 1-year moving average (MA) plus two standard deviations, around $0.25.
Darkfost Another CryptoQuant Analyst warn Failure to hold this level could result in a drop to the 1-year moving average support to around $0.15. However, analysts highlighted that the growth of the Tron ecosystem has brought optimism to long-term investors.
The network has seen notable activity, including a sharp increase in USDT trading volume on its blockchain, from $8 billion in early 2023 to $27 billion by the end of 2024.
This growth demonstrates the widespread adoption and influx of capital into the Tron network. Furthermore, indicators such as the Moving Average Convergence Divergence (MACD) indicate that TRX has been oversold recently, which has happened frequently in the past. bullish momentum.
Featured image created using DALL-E, chart from TradingView
