- The TRON network has seen a significant increase in transaction value, surpassing a new threshold on a daily basis.
- There is a potential breakout rally for TRX to reach $0.32, with one major obstacle ahead.
TRX is currently in a consolidation phase, maintaining its trajectory despite recent milestones. The price action shows a slight decrease of less than 1% in 24 hours, following a weekly increase of over 3%.
However, there are indications that TRX might soon exit this consolidation phase, with market metrics suggesting a possible rally.
Achieving a New Milestone
CryptoQuant reports that the TRON blockchain has reached a new milestone, processing $10 billion in transaction value.
This surge in transaction value has led to an increase in daily transaction count, reaching 8.4 million.
Source: CryptoQuant
This milestone sets TRON apart as one of the top players in the market, with potential positive effects on its native token.
Market Activity Analysis
Following the milestone, large investors have begun selling significant amounts of TRX, with 26.83 million TRX worth $6.5 million sold at the time of writing.
On the flip side, 13.39 million TRX valued at $3.2 million have been purchased, indicating potential buying activity.
Source: IntoTheBlock
This conflicting market activity suggests a potential price pump if buying momentum resumes.
Price Targets for TRX
TRX could target the $0.32 level soon, as it appears to be trading within an ascending triangle pattern, indicating a potential breakout.
However, a significant resistance level at $0.25 might impede price growth, as highlighted by the IOMAP data.
Source: TradingView
If buying momentum is strong and large traders participate, TRX could break through the resistance level and reach the target price.