thecoinrepublic.com
Tron’s TVL has been increasing quickly as the number of holders continues to rise. Moreover, Tron’s growth has made it the second-largest blockchain in Total Value Locked (TVL).
According to recent rankings, the TVL for Tron has crossed $12.8 billion, standing at third, coming close to Ethereum. Such a high TVL is attributable to the growth of the ecosystem and the growing number of its users.
🥇 Top 10 Blockchain Protocols by TVL
— Ben GCrypto (@GCryptoBen) September 16, 2024
TVL is an important indicator to evaluate the adoption scale of a Blockchain Protocols by calculating the TVL in the corresponding smart contracts.
G.Crypto: Next Gen of Crypto Media$ETH $TRX $BNB $SOL $ARB $BLAST $BASE $AVAX $MATIC $SUI pic.twitter.com/OnGI06RVyh
To the same effect, trading activity on Tron has increased in recent months. Its volume is standing at $310 million within a 24-hour period, which is an increase of more than 39%. This is attributed to the rising adoption of the protocol and the expansion of its ecosystem through the development of decentralized applications.
Long-Term Holders Approach 90 Million
Besides the high TVL, Tron’s long-term holders have also increased greatly. Currently, there are almost 90 million long-term holder addresses in the blockchain. This has grown by 237% in the past year. It shows that people are very optimistic about the future of the TronDAO.
Both Tron’s investors and users are gradually becoming more confident in the project’s future by choosing to keep $TRX tokens and not sell or exchange them.
$TRX currently has nearly 90 million long-term holder addresses, an increase of 237% in the past year.
— IntoTheBlock (@intotheblock) September 12, 2024
This increase reflects strong confidence in @trondao's future, as more people choose to hold $TRX for the long term pic.twitter.com/s75HDUGa7a
The recent growth of long-term holders shows that the blockchain industry focuses on projects with potential and real value. Tron’s growth and development have been considered the primary factors contributing to this trust.
Tron Technical Analysis
From the technical point of view, Tron has kept building on the short-term volatility to prove its momentum. The data in the chart depict that the price is currently at $0.1487. A bullish double-bottom formation appears that may suggest further price appreciation in the coming days.
The support level was created at the level of $0. 450 seemed to have been a good support level, which could be the foundation for the next rally.
4-hour TRON/USDT Chart | Source: TradingView
The analysis also established a technical pattern that shows that the stock may trade at about $0.16 if the trend continues. These levels are important to traders, with the ADX indicator at 28. 86 has moderate trend strength, as depicted in the figure above.
The increase in trading volume and the strong support levels suggest that the bulls might be mustering up for a rebound in the token’s price. Tron’s high TVL, growing holder count, and positive technical outlook show that the protocol will continue to grow and thus remain one of the leading players in the blockchain industry.