TRON’s growing network vs. TRX’s flat demand: The disconnect explained

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TRON‘s growing network vs. TRX’s flat demand: The disconnect explained

TRONs prices have been in a retracement phase since late August, and that continued to be the case at the time of writing. Yet, the network activity and stablecoin settlements were trending higher.

Source: CryptoQuant

CryptoQuants data showed that the weekly average of active addresses on the network has been rising since September 2023. In particular, the uptick from April 2025 showed an unbroken, multi-month uptrend.

Source: CryptoQuant

The monthly USDT transfers were also trending higher over the years. It saw a minor setback for October, falling from $774.94 billion to $699.4 billion.

Together, these metrics showed that the network remained a preferred option for stablecoin settlement, driving network adoption higher.

Source: CryptoQuant

The Total Value Locked (TVL) delta also saw a positive change over the past two weeks. It was another positive sign of adoption. The TVL positive delta change tends to accompany a price rally, as it did in July 2025.

There have also been brief TVL increases with a consolidation phase for TRX token prices, so there is no guarantee of an uptrend from the metric.

Increased network adoption and TRX prices in retracement

The price temperature chart showed that TRON slipped below the 365-day moving average.

Other significant moving averages, such as 50DMA and 100DMA, were also trending lower due to the downward momentum since September.

Source: TRX/USDT on TradingView

The 1-day price chart showed a bearish trend in place in recent months. It also saw a series of lower lows set, characteristic of a downtrend. The rally from March was used to plot a set of Fibonacci retracement levels.

They showed that TRON faced a deep retracement. It helped explain the rising network adoption and the weak price action. TRX faced persistent selling pressure, as the OBV shows, but this is not driven by network fundamentals.