The asterisk to traders expecting a bullish TRX
- Tron announces yet another transaction-related milestone.
- Bulls refuse to be rushed despite signs pointing towards them regaining dominance.
There’s no doubt that Tron [TRX] has been among the best-performing blockchain networks lately. As a result, investors have been gaining confidence in its native crypto TRX, Interestingly, the network recently added another reason for this confidence.
Tron managed to deliver impressive growth so far in 2023. The network also showed no signs of slowing down. Its CEO Justin Sun just revealed that the network achieved an impressive new milestone which was yet another testament to the new heights of growth.
Sun noted that Tron’s daily on-chain transactions peaked at well over $10.9 million transaction on 31 May.
Despite the crypto winter, #TRON continues to defy expectations, posting impressive growth. The network hit a new record high in daily transactions just yesterday, with a 10,935,762 transactions processed. pic.twitter.com/Unn45CCUvg
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 1, 2023
This was the first time in history that daily on-chain transactions soared to such levels. The Tron CEO added that the development underscores Tron’s robust performance as well as the expanding usage of its network. He also added that the network expects transaction volumes to double within the next 12 months.
Now the big question is whether this volume surge may stimulate the bulls for another rally. We recently highlighted an interesting TRX price observation. The selling pressure that manifested after the latest rally in May has been weak, thus an anemic pullback.
TRX recovery expectations
Tron’s continued improvements triggered a wave of confidence in key areas such as network and transaction growth. This could in turn stimulate the demand for TRX. The number of TRX investors holding on to bullish expectations just concluded May with a new weekly high.
The weighted sentiment suggested that investors expect the bulls to regain control after exiting their current recess. However, its on-chain volume metric showed no signs of stimulation and instead registered a drop in volume. This confirmed that the level of demand was still low despite the improving confidence.
A look at the state of demand in the derivatives segment disclosed that investors were still not convinced about TRX’s bullish prospects. Additionally, a tapering Binance funding rate added to the uncertainty. However, it was worth noting that the same metric concluded May with a surge in negative funding rates but the downside was limited.
How many are 1,10,100 TRXs worth today
TRX traders should note that the above findings don’t eliminate the bears from the scene. A surprise surge in sell pressure might still be on the cards but that remains to be seen. Nevertheless, TRX exchanged hands at $0.075 at the time of writing.