TRON [TRX] experienced a significant increase in network activity during the month of October, indicating a surge in blockchain adoption. However, the momentum could not be sustained as November brought about a shift in the scenario.
Success of TRON in October
An announcement by Lookonchain highlighted TRON’s accomplishments in the first month of Q4. The total number of transactions on the blockchain reached 238.6 million in October, marking an 8.15% increase from the previous month. Moreover, on October 24th, the number of transactions on TRON peaked at 10.46 million, a one-year high.
To delve deeper into TRON’s network activity in October, CryptoCrypto analyzed Artemis’ data. The findings revealed that daily active addresses on the TRON blockchain remained consistently high throughout the month, indicating continued usage. Additionally, TRON’s fees and revenue also witnessed an increase, reflecting robust performance in captured value.
Despite these positive statistics, TRX faced a setback in the decentralized finance (DeFi) sector, with its total value locked (TVL) experiencing a sharp decline.
While most network activity metrics saw growth in October, TRON could not maintain the momentum in November. The number of active addresses on TRX sharply decreased from 2 million to 1.7 million at the beginning of November, leading to a decline in transactions and overall blockchain activity. Similar downward trends were observed in TRON’s fees and revenue charts for the month.
Current Status of TRX
Heading into November, TRX’s price entered a consolidation phase, showing marginal movement over the last seven days and trading at $0.1623 at present. Despite this, there are indications that the bearish trend might reverse.
An examination of Coinglass’ data by CryptoCrypto revealed an increase in the long/short ratio within the last 24 hours. A rise in this metric suggests a higher number of long positions compared to short positions, hinting at a potentially bullish trend.
However, TRX faced ongoing challenges as it slipped below key support levels and its 20-day Simple Moving Average (SMA), indicating a potential further decline towards $0.15.