In 2024, the number of active addresses on the TRON network will surge by 64%
The TRON network continues to see significant growth, with the number of active addresses up 64% since the beginning of the year, according to CryptoQuant. This surge highlights the growing adoption and interest in the TRON blockchain, even amid volatile token prices.
This significant growth reflects TRON’s ever-expanding ecosystem, which makes it the platform of choice for decentralized applications (dApps). The strong growth in active addresses shows that more and more users are participating in the various platforms and services offered on the TRON blockchain, especially in the decentralized finance (DeFi) and non-fungible token (NFT) space.
As the network’s reliable performance and scalability continue to attract developers and users, TRON’s growth trajectory positions it to become a leading contender in the evolving crypto space.
Impact on TRX: A mixed outlook
In a typical market, the correlation between network growth and token price suggests TRX is likely to rise. While the surge in active addresses is a positive indicator, the short-term price action is not optimistic. Following a notable rally triggered by the US presidential election, TRX struggled to maintain its upward momentum and found itself stuck in a consolidation phase.
Current market sentiment also indicates that investors are cautious. According to COINOTAG’s analysis, the recent bearish trend has led to negative sentiment around TRX.
Feedback from Santiment indicates that weighted sentiment has remained negative since early December, coinciding with TRX’s decline and subsequent consolidation.
Furthermore, the recent weekly report shows that TRX’s net flows have been positive for two consecutive periods, highlighting the imbalance between inflows and outflows. This trend indicates that the token is facing increasing selling pressure.
The general sentiment among investors suggests that many traders are choosing to go short as the long/short ratio reflects a bearish outlook. This general attitude could further affect TRX’s price dynamics if market conditions do not improve.
in conclusion
Overall, 2024 has been a landmark year for TRON and its native token, TRX. With a notable increase in active addresses and all-time price milestones, the network has managed to capture the attention of investors and users. However, as we head into 2025, TRX’s ability to overcome the current consolidation trend and continue to grow may depend heavily on the broader market reaction and stakeholder confidence. In order for TRX to establish a more favorable price trajectory, it must break through key resistance levels, particularly the $0.3 mark. The market remains cautious, and TRX may face the risk of falling below $0.2 if bearish sentiment persists, highlighting the need to remain vigilant in the coming year.
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