The TRON Network [TRX] continues to be one of the most widely used blockchains. Its availability as a stablecoin layer has been a major factor in this network’s growth.
This month, that trend has not stopped. The altcoin is booming in terms of number of transactions and fee revenue.
TRON transactions hit new highs
In this month of May, TRON’s transactions hit a record level of more than 13.11 million on a single day. The Justin Sun-founded network has been averaging well over 10 million per day. However, there have been slight dips below this average threshold.
The network’s processing of payments and stablecoin flows at scale are driving this surge. Institutions are also coming to the chain.
Additionally, the fee revenue of TRON surpassed that of Hyperliquid [HYPE] in the past 24 hours. As per Artemis, TRON generated about $1.30 million, while Hyperliquid was slightly less, by around $100K.
The other close networks with high revenue were Ethereum [ETH] and Solana [SOL]. Hence, TRON’s spike in transactions and fee revenue indicated growing network activity and real demand.
TRX price consolidating in trend channel
TRX’s market cap was trading at more than $33 billion at press time. This capitalization meant that the altcoin was up by more than 33% over the past year. It also aligned with the growing demand of TRON.
On the charts, TRX was trading inside a falling trend channel. A similar pattern led the altcoin to a year-to-date high of $0.36 after breaking out at around $0.32 on the 1st of May. The upper resistance runs from the peak value of May.
The Bull Bear Power (BBP) is turning green. This signal led to a previous breakout after being in the red during the consolidation.
However, the On-Balance Volume (OBV) is flat after rising since May started. The OBV reading is at 15.55 billion, indicating buying is occurring even if it has cooled off a bit.
Therefore, the most probable TRX price prediction would be an upside breakout. This is considering the historical reaction from the aforementioned observations of the price pattern and the BBP indicator.
However, failure at the resistance level would extend the trend channel movement.
On the other hand, a breakdown would suggest bears have prevailed. In that case, a move toward the 50% Fibonacci Retracement level at $0.3375 or lower could occur.
Final Summary
- TRON’s transactions hit a new monthly high as the altcoin surpasses Hyperliquid in daily fee revenue.
- TRX price action is consolidating in a trend channel, a pattern that sparked a surge from $0.32 to $0.36.
