TRON (TRX) Monthly Fees Hit All-Time High of $200M, Signaling Bullish Momentum

With TRON's price currently at $0.1604, up 0.63% at press time, many are wondering whether this spike in fees could be the precursor to TRON's next big rally.

TRON [TRX] has seen a massive surge in its monthly fees, hitting an all-time high of around $200 million. This spike indicates strong bullish momentum and high demand for the network’s blockspace.

With TRON’s price currently trading at $0.1604, up by 0.63% at press time, many are left wondering if this surge in fees could be the precursor to TRON’s next big rally.

Tron’s chart analysis: Are bullish signals holding firm?

A look at TRX’s price chart shows that the Bollinger Bands indicate TRON’s trading close to the upper Bollinger Band, indicating bullish pressure. The price, currently at $0.1599, is meeting resistance at a key level of $0.1635. If it manages to break above this level, we could see further gains.

Additionally, the RSI reading is at 59.47, which remains in a healthy range, suggesting that TRX has more room to rise without being overbought.

Moreover, the recent rally shows no signs of slowing down, although traders should keep an eye out for any corrections. If TRON fails to break through resistance, we could see a pullback, but for now, the bulls are in control.

Tron’s on-chain signals: What does the data reveal?

According to IntoTheBlock, TRON’s on-chain signals show a mixed bag of signs. Net Network Growth is seen at 0.59%, displaying a steady but unimpressive expansion.

The In the Money readings are bearish at -0.20%, indicating that a slight majority of TRX holders are currently underwater.

However, large transactions show neutral levels of activity, with 0.87% being carried out by major holders. This suggests that whales are not aggressively buying or selling, which could indicate stability in the short term.

Hence, the combination of bullish price action and neutral on-chain signals may be leading to a gradual rally rather than a sharp breakout.

TRON’s social dominance is seen to be minimal at 0.285%, indicating a low level of social media buzz. As a result, while there is less hype surrounding TRX, this also presents a hidden opportunity.

If social sentiment shifts in TRON’s favor, the increased attention could propel the token to new highs.

Long/short ratio: Could a short squeeze fuel the rally?

The long/short ratio shows that 57.58% of traders are holding short positions. So, despite the recent price increase, there is still skepticism in the market.

However, this could be setting the stage for a short squeeze if the price continues to rise, forcing shorts to cover and adding buying pressure.

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