TRON Achieves Record Fee Revenue Amid TRX Price Consolidation: A Bullish Breakout Ahead?

TRON blockchain reached its highest-ever fee revenue of over $200M, signaling growing adoption. While TRX price consolidates, bullish indicators suggest a potential breakout above $0.30.

TRON (TRX) has achieved a significant milestone, recording its highest-ever fee revenue, signaling growing adoption and network activity. However, TRX’s price has faced strong downward pressure, currently trading within a consolidation range between $0.22 and $0.26. Despite these challenges, recent bullish indicators suggest the possibility of a price recovery in the near term.

TRON Sets Record Fee Revenue

According to data from CryptoQuant, TRON recorded its highest fee revenue in October 2024, surpassing $200 million. This trend continued into November, with total fee revenue exceeding $180 million.

For comparison:

• November 2022: $32.6 million
• November 2023: $102.3 million

This represents a sevenfold increase since 2022 and nearly double the figure from 2023. These figures highlight TRON’s expanding ecosystem and its increasing network activity. The surge in fees underscores its growing utility and adoption, which may positively influence its native token, TRX.

Impact on TRX Price

Despite the network’s success, TRX has struggled to maintain its uptrend, hovering within a tight price range. However, recent metrics suggest a shift in momentum:

1. Bullish RSI Crossover: TRX’s Relative Strength Index (RSI) experienced a bullish crossover, signaling increased buyer interest and potential upward pressure on the price.
2. Positive Relative Vigor Index (RVGI): This indicator also registered a bullish crossover, implying a strengthening upward momentum and waning downtrend pressure.
3. Rising Binance Funding Rate: TRX’s funding rate has remained positive for five consecutive days, highlighting demand for long positions as traders anticipate price gains.
4. Increased Whale Activity: According to IntoTheBlock, inflows from large holders surged to 321.45 million over the past week, signaling increased confidence from major investors.

Future Price Projections

If current bullish trends persist, TRX could break out of its $0.26 resistance level, reclaiming $0.30. Conversely, failure to sustain momentum may see the token dip below its consolidation range to $0.20.

While TRX has faced challenges in aligning its price growth with the network’s expanding utility, its record fee revenues and increasing network adoption offer a positive outlook. A sustained increase in network usage and rising confidence among investors could catalyze further price appreciation.

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