- TRX’s total number of accounts exceeded 206 million, and the total number of transactions reached nearly 7 billion.
- Tron is up 2.7% in the last 24 hours and a number of indicators looked bullish.
Only a few weeks have passed since we entered 2024, and the crypto market has witnessed a lot of volatility in this short period.
The recent price correction turned the charts of most cryptos red Tron [TRX] was not an expectation. However, things started to change in the token’s favor. While that was happening, the blockchain was reaching yet another milestone.
Tron behaves differently
A few days ago, the long-awaited Bitcoin ETFs received approval, making headlines. While most expected the crypto market to start a bull rally, the opposite happened as the charts turned red.
Tron also fell victim to the price correction, but the trend quickly changed.
According to CoinMarketCapTRX has risen by more than 2.7% in the past 24 hours. At the time of writing, TRX was trading at $0.1089 with a market cap of over $9.6 billion.
Thanks to the recent price increases TRX‘s weighted sentiment improved slightly, and social volume remained high.
The good news was that despite the price volatility, TRX development activity soared last week, reflecting more efforts from developers to improve the network.
Source: Santiment
While this was happening, Tron reached yet another milestone, reflecting the increase in adoptions. According to the latest data, TRX’s total number of accounts has surpassed 206 million.
Not only that, but AMBCrypto’s take on TRONSCAN’s facts pointed out that TRX’s total number of transactions was about to reach 7 billion.
🎉🎉🎉Congratulations!!! #TRON‘s total accounts have reached 206,177,470, over 206 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
🥰Appreciation for everyone #TRONICS! pic.twitter.com/iMu1EQB0us
— TRONSCAN (@TRONSCAN_ORG) January 12, 2024
To see if the high adoption also affected the blockchain’s network activity, AMBCrypto looked at Artemis facts.
Our analysis showed that Tron’s network activity remained high through 2024. This was evident from the fact that daily active addresses gained upward momentum. The same trend was also seen in the daily transaction chart.
Source: Artemis
Not only that, but things in terms of value captured were looking good too TRX‘s fees and revenues remained relatively stable.
Nevertheless, the metric in question was the Total Value Locked (TVL), which recorded a sharp decline late on.
Source: Artemis
Tron bulls to influence the price of TRX?
Since Tron was one of the few to turn the daily chart green, AMBCrypto looked at the market indicators to figure out what to expect. According to our analysis, TRX’s MACD showed a bullish crossover.
Realistic or not, here it is TRX market cap in BTC‘s conditions
The Relative Strength Index (RSI) also moved north, increasing the likelihood of a sustained price increase. Nevertheless, the Bollinger Bands looked tricky.
This was because TRX prices reached the upper limit of the metric, which could trigger a price correction.
Source: TradingView