Tron Network Increases Revenue By 46% – What's Next For TRX Price?

The Tron Network saw a substantial 46.54% increase in gas revenue in August, marking a gain compared to the previous month.

Tron Network (TRX) saw a substantial 46.54% increase in gas revenue during August, presenting a contrasting trend compared to other major blockchains.

Highlighting the network's increasing traction, the Tron Network witnessed a significant 46.54% rise in gas revenue throughout August, according to the latest data fromDune Analytics. This notable surge stands out in comparison to the more modest 6.63% increase experienced by Binance Smart Chain (BSC).

Meanwhile, gas revenue for Ethereum (ETH) fell sharply by 33.44%, and Solana (SOL) also saw a substantial decline of 48.51%. Bitcoin (BTC) gas revenue decreased by 16.85%.

These contrasting trends in network revenue among different blockchains could have varying implications for their respective native crypto prices, sparking interest among traders as they speculate on the potential impact on TRX.

An analysis of TradingView's 4-hour TRX chart reveals the formation of a falling wedge pattern, which is characterized by lower highs and lower lows as the price action gradually narrows in range. This pattern is typically interpreted as a bullish reversal pattern.

As TRX trades around $0.1524, approaching the lower line of the wedge, it might be signaling a possible breakout point in the near term.

A breakout from the falling wedge pattern could suggest a potential bullish trend reversal for TRX. A falling wedge pattern forms as the price makes lower highs and lower lows while the range of movement gradually narrows. It is generally regarded as a bullish reversal pattern.

Several technical indicators also hint at the possibility of an upcoming bullish reversal for TRX. The MFI, which stands at 22.60, suggests that the asset may have been experiencing some selling pressure, but it's now easing, indicating a potential bottoming out of the downtrend.

Moreover, the MACD indicator appears to be gearing up for a bullish crossover, as the histogram bars in negative territory are getting smaller. This could further support the breakout scenario.

TRX might be approaching a crucial breakout point. As the token gets closer to the peak of the falling wedge on the 4-hour chart, traders should keep a close eye on the upper trendline. A breakout might drive the price up to the $0.1700 area.

However, a breakdown below the lower trendline could invalidate the bullish pattern, potentially causing a drop to $0.1400 or lower. The confirmation of the breakout will mostly depend on volume, with a rise in volume during the breakout supporting the upward momentum.

With the dips in other big blockchains, Tron is a network to keep an eye on, especially in light of its 46.54% growth in gas revenue in August. The market will need to see confirmation in the form of a breakout and more volume, but the technicals for TRX are hinting at a possible bullish turnaround.

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