Tron price on the verge of a 65% jump as transaction count jumps

More data shows that Tron has become the second most profitable player in the crypto industry after Tether. According to TokenTerminal, it has generated $1.24 billion this year, more than Ethereum, Solana, and BNB Chain combined.

Trons success comes from its USDT business. According to TronScan, its USDT trading volume stood at over $104.2 billion on Tuesday as the number of transfers rose to 2.47 million.

Tron token has also jumped as its supply continued falling because of its daily burn rate. The supply has dropped to 94.9 million, down from 96.5 million in the same period last year.

TRX is also benefiting from increased staking inflows as investors seek to generate the approximate 4.50% annual yield. Data showsa net increase of 379 million TRX staked on Tron over the last 30 days. This brought the total staking market cap to $11.16 billion and the staking ratio to 42.55%.

Tron price technical analysis

TRX price chart | Source: crypto.news

The daily chart shows that TRX has rebounded from key support at $0.2165 to a high of $0.2800 this week. It flipped the crucial resistance level at $0.2584, a level it had struggled to break above several times since January.

Tron has formed an ascending channel and is now a few points below its upper boundary. It has also moved above the 50-day Exponential Moving Average. Meanwhile, the Awesome Oscillator has remained above the zero line since March, while the Relative Strength Index has climbed above the overbought threshold.

Therefore, a move above the upper side of the channel at $0.2800 will point to more gains, potentially to the 2024 high of $0.4467, up by 64% from the current level.