Tron (TRX) is one of the cryptocurrencies that has 94% of its holders in profits. If recent observation is to be considered, then it implies that the percentage of TRX holders may inch closer to 100%.
However, the project is not just excelling at the token’s price; other sections of the decentralized application-based blockchain are also making remarkable progress.
Speculative Activity Jumps as Tron Hits the Milestone
According to blockchain analytics handle on X Lookonchain, the number of transactions on the Tron network has exceeded 8 billion. This is four times that of Ethereum (ETH), which was 2.45 billion as of July 24.
A rise in transactions implies that many users are interacting with a network. For Tron, the milestone can be linked to stablecoin — particularly USDT transactions on the network. While USDT does not operate on Tron alone, it is the network with the cheapest fees.
Therefore, despite the latter’s recent high institutional interest, traction on Tron is much greater than that on Ethereum.
Read More: 7 Best Tron Wallets for Storing TRX
Several cryptocurrencies experienced a notable decline over 24 hours. However, TRX, which continues to trade around $0.13, did not face the same.
The price stability and slight increase are also backed by the jump in Open Interest (OI). The OI refers to the value of open contracts in the market.
A decrease equals a drop in net positioning. However, for TRX, Open Interest increased, indicating a rise in speculative activity.
This increase also implies a rise in liquidity allocated to TRX contracts in the market. If this increases, it could strengthen the upswing, and the crypto price could trade higher.
TRX Price Prediction: Ascension Is Closer Than a Decline
When it comes to the In/Out of Money Around Price (IOMAP), IntoTheBlock shows that TRX price may be in line for a significant increase. The IOMAP identifies key buying and selling areas that could act as support or resistance.
To do this, the indicator spots price ranges with larger clusters of addresses. If there is a high concentration of addresses in profit, the price range will act as support. However, if the concentration of addresses out of the money is larger, it will act as resistance.
For TRX, over 4 million Tron addresses are in the money at $0.13, whereas 2.67 million addresses are out of the money and close to a similar area. Therefore, the 4 million that accumulated at a lower value can suppress potential selling pressure.
If validated, the price of the cryptocurrency may close in on the next resistance around $0.15. From a technical perspective, the daily chart shows how TRX has been ascending since mid-June.
The ascent has helped the cryptocurrency hit Higher Lows (HL) at several spots. Currently, there is not any notable resistance at the upper levels, suggesting that TRX could reach $0.14 in the short term.
Read More: How To Buy TRON (TRX) and Everything You Need To Know
However, this may not happen if market interest in TRX falls. If that happens, the token’s value may drop to $0.12.
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
