TRON Leads Massive $11.4B USDT Influx: Is TRX Price Set To Rally?
Key Insights
- TRON leads stablecoin transfers with $11.4B in USDT, reinforcing its dominance in crypto liquidity.
- Speculation grows over TRON’s potential role in Trump’s crypto strategy, sparking market interest.
TRON (TRX) has recorded a substantial growth in USDT (TRC-20) transactions. The protocol solidified its status as the most preferred network for conducting stablecoin transactions.
The data reveals $11.4 Billion worth of USDT transfers while major centralized exchanges (CEXs) received $1.83 Billion.
With 1.89 million total transactions, TRON retains its dominion as a popular network for stablecoin transactions.
Because of its efficient nature and minimal transaction costs, TRX crypto established his position among the major crypto assets.
USDT transfers through exchanges account for 61.7% of inflows which demonstrates TRON’s key role in providing market liquidity.
Will TRON Benefit From Trump’s Pro-Crypto Stance?
Analysts speculated that TRON could play a role in former US President Donald Trump’s digital asset plans which created excitement among market participants.
TRON founder Justin Sun indicated potential uses for TRX but his comments have not received official confirmation.
Trump announced a strategic reserve cryptocurrency with Bitcoin, Ethereum, XRP, Solana and Cardano as selected coins.
The market closely tracks these developments as TRON’s low liquidity strength will influence the use of stablecoins.
On-Chain Metrics Reveals Bullish Outlook
According to data from IntotheBlock, the GIOM indicator reveals that 94% of TRX holders were sitting at gains and only 6% of holders were facing unrealized losses.
This means most investors had bought at lower levels and they were less interested in selling their holdings.
Furthermore, the large holders control approx. 79% of TRX’s entire available supply which offers stability through its distribution yet instability can occur when these holders release their supply.
Despite the market volatile swings, TRON’s price action displayed consolidation and defied the market trend. With a correlation of 0.22, indicating a low risk asset.
Amidst the sideways price action, whale activity was observed in the past seven days. The transaction volume stood at $1.94 Billion in the past week determining higher activity among the market participants.
TRX Price Prediction: Is a Range Breakout Imminent?
TRX price has been consolidating in a narrow range between $0.2000- $0.2500 for the past few sessions and was attempting for a breakout.
At press time, TRX price was trading at $0.2428 with an intraday rise of over 4.30%. Its market cap stood at $20.8 Billion and the trading volume soared over 20%, ranked 10th in the overall crypto market.
However, the recent price action shows potential for a 75-day range breakout. At press time, the Bollinger band, which had been tightly squeezed, was beginning to widen, which hints at a major one-way move ahead.
If TRON price breaks from its consolidation and surpasses the $0.2600 mark, it could see a major rally toward the $0.3000 mark in the coming sessions. As it crossed above the key EMAs, it indicates that buyers have the upper hand.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
