TRON blockchain recorded its highest ever fee revenue in October 2024, surpassing $200 million. Despite this growth in network activity, TRX price has struggled to keep up. However, recent on-chain metrics suggest a potential bullish trend reversal.
Tron has seen some strong downward pressure on the charts. In fact, the altcoin has failed to recover fully since hitting a low of $0.22. At the time of writing, the crypto seemed to be trading within a consolidation range between $0.22 and $0.26. Despite TRX ’s failure to maintain the uptrend on its price charts though, its network adoption and usage have surged throughout the year. TRON reached its highest levels ever for fees revenue .
In October 2024, TRON blockchain recorded its highest ever fee revenue amount, surpassing $200 million.In comparison, TRON blockchain recorded figures of $32.6 million in November 2022 and $102.3 million in November 2023. This represented a 7x hike from 2022 and an almost 2x uptick from 2023. Therefore, the currently observed surge in fees is a clear sign of TRON’s increasing activity, while the ecosystem continues to expand considerably. This growth in its ecosystem and network usage is well-positioned to benefit its native token TRX.While TRON has seen a significant uptick in its network usage, TRX has faced considerable challenges too. Owing to the same, it has failed to keep up the pace. Worth noting, however, that the altcoin’s recent price action and on-chain metrics pointed towards a potential trend reversal to the upside and subsequent price recovery.For starters, TRX’s Relative Strength Index (RSI) made a bullish crossover over the last 24 hours. This crossover suggested that buyers have entered the market and are currently in control. With more buyers entering the market, it contributes to higher buying pressure – Driving the price up. This can be further reinforced by the Relative Vigor index (RVGI), which also made a bullish crossover on the day. This implied that the crypto’s upward momentum has been strengthening, with its downtrend pressure dwindling too.Additionally, TRX’s Binance funding rate has remained positive over the last 5 days. This underlined a high demand for long positions
TRON TRX Fees Revenue Network Usage Price Recovery
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