TRON has hit a significant milestone, continuing to draw attention due to its fast transaction speeds and low costs. Despite this, the price of its native token, TRX, seems to be stuck in a tight range, trapped between major buy and sell walls with no clear indication of its next move.
While Ethereum still leads, TRON has made impressive strides in the stablecoin market. According to Tether’s transparency page, nearly $72 billion worth of USDT is now on TRON, just behind Ethereum’s $74.5 billion. In terms of net circulation, the numbers are even closer, with $73 billion on Ethereum and $71 billion on TRON.
One of the main reasons behind TRON’s recent milestone is its increased activity. CryptoQuant reported that TRON has become one of the most active blockchain networks, recently surpassing $10 billion in total transactions. The daily transaction volume is currently above $8 million, placing TRON among the leaders in the blockchain space.
Though its daily numbers haven’t reached the peaks seen during previous bull runs, TRX has shown resilience. Last year, its price surged to an all-time high of over $0.43, but it has since dropped by more than 40%. For the past few months, TRX has traded within a narrow range between $0.20 and $0.26.
Despite the sideways price action, market analysts suggest that TRX has built a strong support level at the current price, with a buy wall keeping it stable. However, there is also a sell wall around $0.30, meaning TRX may stay within this range for a while, unless a breakout occurs.
