Analyzing Tron’s Network Growth – A Bearish Sign for TRX?

While the Tron network has seen growth in active users and transaction volume due to the launch of SunPump last month, daily network activity has been declining recently, putting pressure on TRX’s price. Tron’s monthly active users and transaction volume peaked after SunPump went live, but the number of daily active addresses has dropped to 10,300 from 73,000 in August, showing waning usage, according to TokenTerminal.

Meanwhile, decentralized application (dApp) transaction volume has also decreased, falling to $58 million from $73 million at the beginning of the month, and the number of unique active wallets has halved to about 6,000. This contraction in network activity resulted in TRX failing to post significant gains and instead facing bearish pressure.

TRX is currently trading at $0.15, with open interest falling to one-month lows, indicating traders are closing existing positions. The Relative Strength Index (RSI) shows inactivity in the market and is at a neutral level. Despite some bullish signals, if the current weak trend continues, 94% of traders in profit are likely to choose to sell, adding to the bearish pressure.

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