Tron Network Hits $2.1 Billion in Revenue in 2024: TRX Price to Rise?

In 2024, the Tron Network has done the unthinkable of earning $2.12 billion in revenue. It is a staggering 115.73 percent growth from last year. TRX price to rise basis this news?

In the past month alone, Tron accrued $329.57 million of revenue, receiving a 39.74% boost from the previous month. Tron’s financial success has not negatively impacted its native token. TRX price slid nearly 1% in the past 24 hours.

A Record-Breaking Year for Tron Network

Tron, by the end of 2024, can generate revenue of up to $ 100 billion. The total $2.12 billion growth for the year is exponential. The platform is gaining popularity in DeFi, games, and other blockchain-based solutions.

It can also be seen from the figures, there is constant revenue growth. Even if we talk about only the past month, the average monthly revenue increased by 39.74% compared to the previous month’s $ 329.57 million.

Such success reflects Tron’s unique ecosystem, which still attracts developers and users in the market. It boasts high TPS, low charges, and highly efficient consensus mechanisms. It has established itself as a better option than traditional blockchains such as Ethereum, as claimed by many. Tron has also generated revenues 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 of the network’s efficiency for dApps support. Slowly being adopted in the global market, Tron aims to become one of the essential players within the blockchain sector by 2025.

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TRX Price Market Performance: A Contrasting Narrative

Analyzing in-depth, for example, we can observe that an extreme rise from mid-December to the beginning was reflected in the increased price of TRX/USDT and the constantly increasing volume of transactions. But this process continued, which was resisted and led to a sharp or strong bear trend that began the consolidation stage.

The current position looks somewhat bearish, if not wholly neutral, because the price currently lies below the SMA-50, SMA-100, and SMA-200 indicators.

On the other hand, the Moving Average (SMA) shows the shorter-term bearish pressure below the 50-SMA on the price chart, as it plots at 38.506. 100-SMA, the green line acting 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 bullish market. A bearish signal of the moving averages is obtained when the 50-SMA is below the 100-SMA, which is below the 200-SMA.

Turning to other signals, the AO has decreased its oscillating strength, with the latest histogram bar going 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.

The consolidation towards the end of the sharp Tron rally demonstrates that there is confusion in the market. More recent candlesticks demonstrate a lower high and a decreasing range. This is a breakout and breakdown pattern.