A bullish TRX in the pipeline? Traders may need to delay their hopes…
This was the first time in history that daily on-chain transactions soared to such levels. The Tron CEO added that the development underscores Tron’s robust performance as well as the expanding usage of its network. He also added that the network expects transaction volumes to double within the next 12 months.
Now the big question is whether this volume surge may stimulate the bulls for another rally. We recently highlighted an interesting TRX price observation. The selling pressure that manifested after the latest rally in May has been weak, thus an anemic pullback.Tron’s continued improvements triggered a wave of confidence in key areas such as network and transaction growth.
The number of TRX investors holding on to bullish expectations just concluded May with a new weekly high.The weighted sentiment suggested that investors expect the bulls to regain control after exiting their current recess. However, its on-chain volume metric showed no signs of stimulation and instead registered a drop in volume. This confirmed that the level of demand was still low despite the improving confidence.
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