Tron (TRX) Goes Live on the Solana Blockchain Network, Anticipation for a Price Rally Grows

Justin Sun, the CEO of TRON, took to X to announce the launch after hinting at an integration over the past week. With the Tron native token going live on the Solana blockchain, network users can carry out more cost-effective transactions within the Solana ecosystem.

Tron (TRX) has launched on the Solana blockchain, bringing the low-fee network's capabilities to the token.

Tron (TRX) Launches on Solana Network

The integration, which was hinted at by TRON CEO Justin Sun last week, will enable network users to carry out more cost-effective transactions in the Solana ecosystem.

According to reports by CryptoSlate, the initiative follows Solana's efforts to expand its token offerings to major cryptocurrencies. Earlier this year, the network launched a Bitcoin (BTC) token that allows users to transact in the world's leading cryptocurrency with minimal fees.

Following the launch of Tron (TRX) on the Solana blockchain network, market participants' anticipation for a TRX price rally is heightened.

TRX quickly moved from the $0.20 to $0.21 support level to trade at $0.23 after the announcement. Although the MACD remains below the signal line, indicating a continuous bear trend, the RSI is moving closer to 50. Sentiments could lean even more bullish if TRX successfully tests resistance at $0.25 before testing previous consolidation levels at $0.28 and $0.30.

While the broader altcoin market has sustained major losses over the past month, Tron (TRX) remained in the green zone. Tron (TRX), currently the 10th most valuable cryptocurrency by market cap, is trading at a press time price of $0.23. At the time of this report, daily and weekly gains total at 1.25% and 6.98%, respectively. Tron (TRX) is the second-highest gainer this week, right behind Binance Coin (BNB).

Solana's minimal fee changes and high-speed transaction volume make TRX well-positioned for new users to access the token. As Solana users begin to transact TRX, an increase in adoption could be recorded in the coming months.

Excited to announce that @TronChain has officially launched on the Solana network! ?

This integration will enable users to easily and cost-efficiently transact in TRX within the Solana ecosystem.

Read more about it here: https://t.co/1qI9Y7L3Fj #TRON #Solana #blockchain pic.twitter.com/8P7J9Aqr7v

— Justin Sun (@justinSUN94) October 24, 2023

Earlier this week, reports revealed that the integration of the Tron (TRX) token on the Solana network is set to launch in the fourth quarter of 2023.

According to a report by CryptoShot, data from CoinLedger revealed that daily users and monthly new addresses totaled 3.25 million and 56.31 million, respectively, while 36 million were recorded in daily transactions.

Moreover, Tron had a total transaction volume of $3.19 billion in March 2023, while its transaction value was $2.63 billion. The report pointed out that the figures represent an increase of 1,027% in daily users and 13,100% in transaction volume from the previous year.

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