During Wednesday’s U.S. market session, the Bitcoin market recorded a notable outflow following President Trump’s decision to implement 25% tariffs on the European Union. As selling pressure accelerated, most major altcoins, including TRX, extended their correction trend. However, the TRON price is nearing major support amid its growth in transaction volume, indicating the potential for a bullish turnaround.
- A falling channel pattern governs the current correction in TRON price.
- TRON has steadily maintained around 40% of the total altcoin transaction volume over time, reinforcing its reliability for high-frequency transactions.
- The rising 200-day Exponential Moving Average hints the broader trend remains bullish for this asset.
TRON Dominates Altcoin Transactions, Holding 41.6% Market Share
According to a recent CryptoQuant report., TRON has emerged as the leader in altcoin transactions, accounting for a staggering 41.6% of the total market share. The surge is largely attributed to USDT transfers and DeFi activity, reinforcing TRON’s stronghold in the blockchain ecosystem.
The attached chart tracking transaction percentages across major altcoin networks (excluding Solana and Binance Smart Chain) highlights TRON’s sustained dominance, consistently maintaining around 40% of the total share. If the trend continues, TRON will become the go-to blockchain for high-frequency transactions and gain traction from developers and investors.
These developments should prevent TRX from major corrections and hold key support zones.
Channel Pattern Correction Hints Potential Rebound For TRX Price
Amid the broader market uncertainty, the TRON price shows a slight declining trend, resonating within two trendlines. The series of lower high and lower low formation hints at a falling channel pattern in the daily chart.
Theoretically, these trendlines act as dynamic resistance and support before the buyers build sufficient momentum for an upside breakout. However, in a three-day fall, the TRON price plunged from the overhead trendline at $0.249 to $0.225, registering a 9.5% loss.
If the pattern holds true, the altcoin could plunge 12% down to seek support at the bottom trendline. Until this support holds, the TRX buyers could renew recovery momentum and breach the resistance trendline for a higher rally.
Also Read: Bank of America Ready to Enter Stablecoin Market Pending Regulatory Approval
