In 2024, Tron Network did the unthinkable by earning $2.12 billion in revenue. This is a growth of an incredible 115.73 percent compared to last year. TRX price going up based on this news?
In the last month alone, Tron collected $329.57 million in revenue, gaining a 39.74% increase over the previous month. Tron’s financial success has not negatively affected its original token. The price of TRX is down almost 1% in the last 24 hours.
A record year for Tron Network
By the end of 2024, Tron can generate revenue of up to 100 billion dollars. The total growth of $2.12 billion for the year is exponential. The platform is gaining popularity in DeFi, gaming and other blockchain-based solutions.
It can be seen from the figures, there is a constant growth in income. Even if we only talk about last month, the average monthly revenue increased by 39.74% compared to $329.57 million in the previous month.
Such success reflects Tron’s unique ecosystem, which still attracts developers and users in the market. It boasts high TPS, low overhead and highly efficient consensus mechanisms. It has established itself as a better option than traditional blockchains like Ethereum, as many claim. Tron has also generated revenue through strategic partnerships and integrations with other blockchain projects.
This point was actively promoted by Justin Sun, the founder of the Tron network, who boasted about the efficiency of the network to support dApps. Slowly being adopted in the global market, Tron aims to become one of the major players in the blockchain sector by 2025.
–Market performance of TRX prices: a contrasting story
Analyzing in detail, for example, we can notice that the extreme rise from mid-December to the beginning was reflected in the increased price of TRX/USDT and the constantly growing volume of transactions. But this process continued, encountering resistance and leading to a sharp or strong bearish trend that began the consolidation phase.
The current position looks somewhat bearish, if not completely neutral, as the price is currently below the SMA-50, SMA-100 and SMA-200 indicators.
On the other hand, the moving average (SMA) is showing short-term bearish pressure below the 50-SMA on the price chart, as it plots at 38,506. The 100-SMA, the green line that acts as a resistance level is plotted at 0.2592.
The 200-SMA (blue line) remains above the current price at 0.2696. This clearly shows that there are no signs of a bull market. A bearish moving average signal is obtained when the 50-SMA is below the 100-SMA, which is below the 200-SMA.
Turning to other signals, AO reduced its oscillation power, with the last bar of the histogram turning red. This implies that the bears are becoming more agitated in the market, and unless the bulls show up in force, the downside remains a valid possibility.
Consolidation towards the end of Tron’s sharp rise shows that the market is in turmoil. Newer candlesticks show a lower high and a decreasing range. This is a breakout and breakdown pattern.
