Tron [TRX] Surges 1.73% as On-Chain Activity Doubles

Tron [TRX] has experienced a significant surge in on-chain activity, driven by an increase in stablecoin supply and robust liquidity inflows into various protocols. This surge has positioned TRX for potential growth, with minimal resistance expected until the price level reached on the 9th of December.

At the time of reporting, TRX had seen a 1.73% increase over the past 24 hours. This modest gain could rapidly expand given the current market signals. A recent report from CryptoQuant indicates that TRX is well-positioned to extend its gains based on transaction activity. The 30-day moving average for daily transactions has nearly doubled, rising from 4.3 million to 8.4 million. This suggests growing adoption of the Tron blockchain and increased usage of TRX.

To determine whether this activity will affect TRX, an analysis of user behavior across different protocols was conducted. The Total Value Locked (TVL), which measures the valuation of protocols on TRX by how much of the asset users have deposited, surged notably over the past 22 days since the 1st of May. During this period, the locked value rose from $5.19 billion to $6.824 billion. This implies that $1.634 billion worth of TRX has been added to these protocols and locked, signaling a long-term commitment.

Additionally, the stablecoin supply on Tron hit a record high, indicating strong demand and usage of Tron and its stablecoins. This demand can be directly linked to the blockchain’s fast transactions and low fees. Together, these inflows show sticky capital rather than fleeting speculation.

A current look at TRX’s 4-hour chart shows the asset trading within a classic bullish pattern known as a symmetrical triangle. A rally would be confirmed once the asset breaches the upper resistance line of the pattern, a level it is currently testing. Ideally, the rally should extend to $0.2801, the peak of the pattern, but new insights suggest further upside.

According to the Global In and Out of the Money (GIOM) metric, there’s no significant resistance ahead of TRX on the chart until the $0.30 region. At that level, TRX is likely to face notable supply pressure, with a potential sell-off of 8.54 billion TRX—worth around $2.3 billion. This downward pressure could slow price movement. For now, TRX still holds a projection of a 10.11% increase, trading toward a new high of $0.30, a level last reached on the 9th of December.