The TRX double bottom pattern suggests a market reversal

Tron network revenue grew 39.74% per month, reaching $2.12 billion in 2024 due to the increased use of TRX.
TRX is forming a double bottom pattern, signaling potential bullish momentum confirmed by increased trading volume.

The Tron network has made significant progress in 2024, confirming its status as a leading participant in the blockchain world. Lookonchain shares that the revenue of the Tron network in the past 30 days was $329.57 million, an increase of 39.74% compared to last month.

Reflecting a notable annual increase of 115.73%, Tron brought in a total of $2.12 billion throughout the year. Mainly derived from TRX consumed by users who join the network, this revenue highlights the growing relevance and acceptance of the platform.

Technical analysis points to a bullish outlook for TRX

In addition to outstanding financial results, the technical analysis of the well-known analyst Rose indicates future growth for TRX. Often considered a precursor to a major breakout, especially after a prolonged decline, a definitive double bottom pattern has developed.

Depending on a break above the neckline, Rose lists possible price targets of $0.3175, $0.3501 and $0.3890. The higher trading volume recorded in line with this trend further suggests upside momentum potential.

Meanwhile, at the time of writing, TRX has been replaced by approx $0.2552up 1.23% in the last 24 hours and 21.76% during the last 30 days.

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In addition to the market performance, Justin Sun, the founder of Tron, has recently attracted interest for his latest initiatives. In mid-December 2024, Sun disclosed intentions to purchase approximately 53,000 Ethereum (ETH), valued at approximately $209 million, from Lido Finance.

This action followed his earlier sale of ETH, which sparked rumors about how this would affect the next price changes. The outlook for Ethereum is still bright despite these changes.

Further enhancing the Tron ecosystem, on December 19, 2024, crypto exchange Bitget announced a strategic alliance with the Tron network, as previously recorded. To further integrate Tron into its platform, Bitget is acquiring $10 million worth of TRX tokens in this collaboration.

The collaboration seeks to provide Bitget users with easy access to Tron-based assets and services, thereby improving Tron’s position in the larger crypto market.

On the other hand, according to CNFthe SunPump platform has transformed token generation by recently incorporating its first artificial intelligence (AI) agent. A simple chat interface with tools like Auto Fill, AI Generated Tokens, AI Assistant Bot Icon and Interactive Token Creation allows users to create tokens.