The price continued to move lower, reaching a low of $0.24.
Currently, Tron is trading at $0.2643, with a 3.11% drop on its daily chart. Meanwhile, Tron has also suffered a 10.29% drop on its weekly chart.
Despite its recent poor price performance, Tron has shown positive dynamics in other dimensions, especially in terms of transaction activity. According to Cryptoquant data, Tron's transaction volume has jumped to the top, surpassing the transaction volume of all other blockchain platforms.
In the past three months, Tron’s monthly transaction volume has surpassed other cryptocurrencies. In October, November, and December, Tron’s transaction volume was 182 million, 167 million, and 135 million, respectively.
As the popularity of Telegram-based games declines, transactions have surged, especially on the TON network. As TON’s influence wanes, Tron is filling the gap. As a result, the token’s blockchain has seen significant volatility in USDT.
The growth of USDT on the Tron network is mainly due to its use in crypto trading and other transactions.
What is the impact on the TRX price chart?
While Tron’s transaction count has surged over the past month, the past two weeks have seen strong bearish sentiment.
Therefore, the increase in inter-blockchain transaction volume failed to have a positive impact on TRX price.
AMBCrypto observed the current market sentiment through a bearish crossover of Stoch over the past 24 hours. This bearish crossover indicates that sellers are very active in the market and that downside momentum is building.
This downside momentum has further increased as RVGI is approaching a bearish crossover. Another bearish crossover will confirm the downtrend.
This trend of capital flows is also significant among the large investor group, whose net flows have shrunk to a level of -168.55 million. The decrease reflects outflows from large holders, commonly known as "whales," outstripping inflows.
Although Tron has surpassed many other cryptocurrencies in terms of trading volume, TRX’s price trend is still in a period of adjustment. Dominated by the pessimistic sentiment in the market, TRX is likely to continue to face downward pressure.
If the current market conditions persist, the price of TRX may slide further to around $0.24. However, if the increase in trading volume can bring positive effects to the price trend of this altcoin, Tron may also recapture the $0.304 resistance area.
