Is Tron (TRX) Ready To Explode? Active Users Hit 2.5 Million—Find Out Now!

Tron (TRX) has been making waves in the crypto market lately, boasting a significant increase in daily active users and a price defying the current downtrend. This positive activity has fueled speculation on whether TRX can sustain its bullish momentum.

Network Activity on the Rise

Since the beginning of 2024, Tron’s network has witnessed a steady rise in daily active addresses, reaching an impressive average of 2.5 million, according to IntoTheBlock. This surpasses many leading layer-1 blockchains, indicating a substantial user base actively utilizing the Tron network.

An analysis by AMBCrypto corroborated this trend, revealing a consistent rise in daily active addresses and transactions over the past month. This surge in activity suggests growing adoption and real-world use cases for Tron.

Price Performance and Mixed Signals

While the network activity is encouraging, Tron’s performance in the decentralized finance (DeFi) space has dipped slightly, with a noticeable decline in its total value locked (TVL) over the past week.

However, TRX stands out as one of the few top 20 cryptocurrencies to maintain a green weekly chart. CoinMarketCap data shows a price increase of over 5% in the last seven days, placing TRX at $0.1231 with a market capitalization exceeding $10.7 billion.

Bullish Sentiment and Technical Indicators

The positive sentiment surrounding TRX is further bolstered by a rising long/short ratio, signifying dominance by bullish investors. Additionally, technical indicators like MACD and Chaikin Money Flow (CMF) paint a bullish picture, suggesting a potential continuation of the price uptrend.

However, a note of caution is necessary. Tron’s price has reached the upper Bollinger Band, an indicator that often precedes a price correction. If such a correction occurs, TRX could dip to $0.115 due to increased liquidation.

Looking Ahead

The coming days will be crucial for TRX. While the technical indicators and user activity suggest continued growth, a potential price correction looms. If the bulls maintain control, investors can expect TRX to reach $0.13 soon. Regardless, Tron’s strong network activity signifies a project with real-world utility and the potential to navigate the ever-changing cryptocurrency market.