TRON (TRX) Maintains Robust Network Activity, Token Price Surges by 13% in Last 30 Days

Tron [TRX] has been known for its robust network activity over the last few years. The good news was that the blockchain once again managed to maintain its growing streak last month. ‘

Tron’s [TRX] blockchain activity has been buzzing with some interesting developments. According to TRONSCAN, a popular X handle, the average daily transactions on TRON clocked in at an impressive 6.84 million over the last 30 days.

To put this in perspective, this marks a 6% increase compared to the previous 30-day period.

This uptick in transactions highlights a rise in the blockchain’s usage, which is certainly a positive sign for the Tron network.

But wait, there’s more! A deeper dive into the TRX chart reveals that the blockchain’s daily active addresses have been on a growth spree over the last three months.

This growth is accompanied by a steady increase in the blockchain’s daily transactions, indicating a consistent rise in TRX adoption.

Now, let’s shift our focus to the DeFi front. While TRX’s network activity buzzed with some good news, the blockchain’s performance in the DeFi market told a different story.

Our analysis of Atremis’ data showed that TRX’s TVL sharply declined over the last three months.

But fear not, TRX investors had something to cheer about. CoinMarketCap’s data revealed that the token’s price performance painted a rosy picture.

TRX’s price managed to increase by more than 13% in the last 30 days. Moreover, things in the last seven days also seemed pretty good, with the token’s value rising by over 3.5%.

At the time of writing, TRX was trading at $0.1297 with a market capitalization of over $11.3 billion.

To top it off, investors’ confidence in TRX remained high throughout the last month, as indicated by its high-weighted sentiment.

But hold your horses, there’s a twist in the tale.

Our analysis of Coinglass’ data revealed that TRX’s long/short ratio had declined. A closer look showed that this drop signifies more short positions in the market compared to long positions, which is generally considered a bearish signal.

Additionally, the Relative Strength Index (RSI) also registered a downtick, hinting at a possible price decline in the coming days.

However, the technical indicator MACD displayed a clear bullish advantage in the market. On the other hand, the Chaikin Money Flow (CMF) moved southward, indicating a continued price rise.

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