Continuing its rather meteoric rise this year, the Tron network has seen its revenue surge a remarkable 46% as traders hope it can rub off on TRX. Indeed, LookonChain notes that the network’s gas revenue surged throughout the month of August. Moreover, data shows that it was among the few blockchains that saw positive figures in that metric for that month.
Tron has seen a notable increase in value this year. The Justin Sun-created platform has seen its native token become a massive player. Yet, with a market downturn taking place last month, things seemed to slow down for TRX. That could be poised to change in September based on these metrics.
Also Read: TRON Memecoin Turns $1,200 Investment to $10 Million
Tron Gas Revenue Skyrockets As Traders Hope TRX Follows Suit
Tron has had a rather interesting journey so far this year. The token is up more than 96% year-to-date, according to CoinMarketCap. Additionally, it has surged more than 20% in the last 30 days, leading it above the $0.15 mark where it currently sits. Yet, that increase has halted.
Over the last seven days, the token is down more than 6.6%. That has led many traders to worry about an impending price correction. However, Tron data has proven strong, with network revenue increasing over 46%, as many are hopeful that such a performance can reflect positively on TRX.
Also Read: Toncoin (TON) May Fall Out of Top 10 as It’s Flipped by Tron (TRX)
LookonChain data shows that Tron was certainly an outlier. Although the Binance Smart Chain (BSC) increased by 6.6% in August, few other networks did. Ethereum, Solana, and Bitcoin all saw notable drops. Among those, Solana saw the steepest decline, falling more than 48% from July.
Alternatively, TRX has shown some positive metrics of its own. The asset’s four-hour chart shows the presence of a falling wedge pattern. This is a bullish indicator that could show some momentum forming for the asset. All eyes are on the $0.2 mark, with hopes Tron can continue to ascend to that level.
For that pursuit, a breakthrough above $0.152 in the short term would help. If it is able to sustain above that level, a breakout could be in the near future. Selling data is also positive. The crypto’s MFI is at 22.6 Tuesday. Although that’s oversold, it is optimistic for the token. It does note that selling pressure is certainly easing. Reinforcing the potential for a bullish outcome to be on the cards for the token.
