Throughout this year, TRON’s cryptocurrency, TRX, has experienced a significant increase in value. Starting at $0.105 at the beginning of the year, TRX reached an all-time high of $0.450 just a month ago, marking a remarkable surge of 328.75%.
In 2024, TRON’s blockchain witnessed remarkable growth alongside the surge in TRX value, particularly in terms of active addresses on the network.
Impressive 64% Increase in TRON Network’s Active Addresses in 2024
Despite recent fluctuations in TRX’s price, CryptoQuant data reveals that the TRON network continues to witness substantial growth, with active addresses increasing by 64% since the start of 2024. This growth showcases the rising popularity and adoption of the TRON blockchain.
Alongside the surge in addresses, TRON’s blockchain has also seen substantial development in the realms of decentralized finance (DeFi) and non-fungible tokens (NFTs), attracting a growing number of users and developers. The blockchain’s scalability and efficiency further solidify its position as a preferred platform for decentralized applications.
As the year draws to a close, TRON’s rapid network expansion positions it as a key player in the blockchain industry. This growth in activity signals an exciting future for the blockchain, investors, and stakeholders alike.
Impact on TRX Price?
Historically, sustained growth in network adoption tends to have a positive influence on a token’s price. This correlation between network growth and price performance has been evident throughout the year.
However, in the short term, TRX has faced challenges in keeping up with this trend. Following a rally in November linked to the U.S. presidential elections, TRX has struggled to surpass previous resistance levels on the price charts.
Current analysis by CryptoCrypto indicates prevailing bearish sentiments as investors show impatience with the prolonged price consolidation.
The negative sentiment surrounding TRON is evident in the consistently low weighted sentiment over the past week, as reported by Santiment, highlighting a bearish outlook among investors.
Notably, on weekly charts, TRX netflows have shown two consecutive periods of positive inflows, indicating increased activity on exchanges. Higher inflows compared to outflows suggest heightened selling pressure on the altcoin.
Short-term indicators further emphasize the bearish sentiment, with a significant number of traders taking short positions according to the Long/short ratio. Predominance of short positions suggests an anticipation of price decline among investors.
In summary, 2024 has been a remarkable year for the TRON network and TRX token, marked by impressive price surges and growing network activity. Looking ahead to 2025, stakeholders remain optimistic about the continued growth of TRON and TRX.
In the near term, TRX faces challenges in achieving further gains. To thrive in 2025, the altcoin must break free from the current consolidation phase and reclaim the $0.3 mark. However, sustained bearish market conditions could potentially push TRX below $0.2.