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- TRX has declined by 10.29% over the past seven days.
- Tron recorded the highest number of transactions among blockchains.
Tron [TRX] has experienced a sustained decline over the past two weeks. Since reaching a high of $0.45, the altcoin has continued to decline, hitting a low of $0.24.
At the time of writing, Tron was trading at $0.2643, marking a 3.11% decline on daily charts. It has also dropped by 10.29% on weekly charts.
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.
Tron’s record transactions
In his analysis, Cryptoquant analyst CrazzyBlockk observed that Tron has reached the highest number of transactions for the last 3 consecutive months.
Source: CryptoQuant
In the last 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 arises as the popularity of Telegram-based games declines, especially on the Ton network. With Ton’s influence dwindling, Tron is filling the space. Consequently, the coin’s blockchain has seen significant movement of USDT.
The growth of USDT on the Tron network is mostly driven by its use in crypto trading and other transactions.
Implications on TRX’s price charts?
While Tron’s number of transactions has spiked over the past month, the past 2 weeks have seen strong bearish sentiment.
As such, the rise in the transactions across the blockchains has failed to positively impact TRX prices.
Source: TradingView
AMBCrypto observed the prevailing market sentiment through a bearish crossover on Stoch over the past 24 hours. This bearish crossover suggests that sellers are highly active in the market, and downward momentum is building.
This downward momentum is further strengthened as the RVGI is closing in on making a bearish crossover. Another bearish crossover will confirm the downtrend.
Source: IntoTheBlock
Additionally, Tron’s netflows across aggregated exchanges show that there’s more inflow into exchanges than outflows. With more tokens transferred into exchanges, it implies that investors are either selling or preparing to sell.
Source: IntoTheBlock
This phenomenon is also prevalent among large holders’ netflows, which have dropped to -168.55 million. This drop shows that whales are sending more capital out of the assets than the inflow.
Although Tron’s number of transactions has surpassed other crypto currencies, TRX remains in a corrective phase. With sentiment remaining negative, TRX could decline further.
Read TRON’s [TRX] Price Prediction 2024-25
If these conditions prevail, TRX could drop to $0.24. However, if increased transactions positively reflect on the altcoin’s price charts, Tron could reclaim the $0.304 resistance level.
