In August, the Tron network recorded a significant 46.54% increase in revenue, standing out against the revenue declines of networks like Ethereum, Solana, and Bitcoin.
Tron Network Revenue Growth
The Tron network saw a 46.54% increase in transaction revenue in August, substantially outpacing the modest 6.63% rise of Binance Smart Chain (BSC). Meanwhile, Ethereum's gas revenue fell by 33.44%, Solana's dropped by 48.51%, and Bitcoin's declined by 16.85%. This contrast highlights the growing interest in the Tron network and raises questions about the potential future for its native cryptocurrency TRX.
TRX Technical Analysis
The surge in Tron’s network revenue raises interest in the potential future of TRX’s price. An analysis of TradingView’s 4-hour TRX chart reveals the formation of a falling wedge pattern, typically regarded as a bullish reversal pattern. TRX trades around $0.1524, near the wedge’s lower line, indicating a potential approach to a breakthrough point.
Key Levels to Watch
As TRX approaches the upper trendline of the falling wedge, traders should closely watch for a breakout. If successful, the price might rise to the $0.1700 area. However, a breakdown below the lower trendline could result in a drop to $0.1400 or lower. The confirmation of the breakout will primarily depend on trading volume: an increase in volume during the breakout will support the upward momentum.
In light of revenue declines in other major blockchains like Ethereum and Solana, the Tron network stands out with a 46.54% revenue growth in August. The market will await breakout confirmation and volume increase, but technical indicators for TRX point to a potential bullish turnaround.
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