2min Read Tron records the highest number of transactions among blockchains for 3 consecutive months.
Tron TRX is down 10.29% over the past 7 days. Tron has the highest number of transactions among blockchains.
Tron [TRX] has been on a steady decline over the past two weeks. Since hitting a high of $0.45, the altcoin has continued to decline, reaching a low of $0.24.
At the time of writing, Tron was trading at $0.2643, down 3.11% on the daily chart. It was also down 10.29% on the weekly chart. Despite the recent decline, Tron has made positive strides in other areas, especially in the number of transactions. According to Cryptoquant, Tron has recorded the highest number of transactions, surpassing all blockchains. Record Tron Transactions In his analysis, Cryptoquant analyst CrazzyBlockk noted that Tron has reached the highest number of transactions for the past three consecutive months. Source CryptoBinance In the past three months,
Tron has outperformed other cryptocurrencies based on monthly transaction volume. It recorded 182 million, 167 million, and 135 million transactions in October, November, and December, respectively. This surge in transactions stems from the decline in popularity of Telegram-based games, especially on the Ton network. As Ton’s influence wanes, Tron is filling the space. As a result, the coin’s blockchain has seen significant movement in USDT. The growth of USDT on the Tron network is mostly driven by its use in cryptocurrency trading and other transactions. Implications for TRX price charts? Despite the surge in Tron transactions over the past month, the past two weeks have seen strong bearish sentiment. As such, the surge in transactions across the blockchain has failed to positively impact TRX prices. Source: TradingView AMBCrypto has observed the prevailing market sentiment through a bearish crossover on the Stoch indicator over the past 24 hours. This bearish crossover indicates that sellers are very active in the market, and that bearish momentum is building. This bearish momentum is further reinforced as the RVGI is close to making a bearish crossover. Another bearish crossover would confirm the downtrend. Source: IntoTheBlock Additionally, Tron’s net flows across aggregated exchanges show that there are more inflows to exchanges than outflows.As more tokens are moved to exchanges, it means that investors are either selling or preparing to sell. Source: IntoTheBlock This phenomenon is also prevalent among the net inflows of major contributors, which dropped to -168.55 million. This drop shows that whales are sending more capital from the asset than inflows. Although the number of TRON transactions has surpassed other cryptocurrencies, TRX is still in a corrective phase. With the sentiment remaining negative, TRX could fall further. Read TRON [TRX] Price Prediction 2024-25 If these conditions prevail, TRX could drop to $0.24. However, if the increasing transactions reflect positively on the altcoin price charts, TRON could reclaim the $0.304 resistance level. Take the Poll: Chance to Win $500 Next: Here are the odds of WRX recovering from $0.10 after Binance delisting
