🔥 TRX on Fire? On-Chain Surge & Stablecoin Boom Hint at Major Rally

Tron consolidates at $0.2704 and $0.2751, short-term support and resistance.

Tron blockchain returns with over nine million transactions.

Gas prices and volume rise as transactions grow, with TRX being the preferred blockchain for USDT transfers.

Tron (TRX) is consolidating between $0.2704 and $0.2751, suggesting a positive rise on Friday. A 4-hour chart technical buy signal shows increased Tron blockchain activity, which has roughly quadrupled since 2023.

Strong blockchain, USDT stablecoin growth with Tron

The amount of Tron blockchain transactions is reaching nine million, almost twice the five million in September 2023. The Tron transaction count indicator on a 30-day moving average (MA) shows that the constant growth in transactions has helped TRX pricing, which was $0.07 in September 2023.

IntoTheBlock data shows that Tron gas costs have reduced from 2.72 TRX in September 2023 to 0.79 TRX in June.

"Since gas fees are paid in TRX, the steady growth in transaction volume, combined with the slightly higher fees now being paid in TRX, is positively impacting TRX's price action, driven by functional demand," an analyst told CryptoQuant.

Tron's low transaction fees, high throughput, speed, and network security make it the favored USDT stablecoin platform.

On June 23, the Tron blockchain's USDT supply hit a record $80 billion. USDT on Tron has increased $20 billion in supply since January, demonstrating its importance in stablecoin transactions and acceptance.

Since Tuesday, this signal has encouraged traders to buy TRX, increasing demand and creating a tail force that might push the price beyond the upper consolidation boundary at $0.2751.

Other important levels for traders are $0.2835, last tested June 16, and $0.2946, last tested June 10. A 5% decrease to the last low of $0.2590 is possible, depending on cryptocurrency industry attitude and market dynamics.