Tron sees impressive TVL growth; is capitulation on the cards for TRX?

Q2 of 2023 brought some good news for Tron as it was the only blockchain after Cardano that saw positive momentum in terms of its TVL. With a weak bearish sentiment, will TRX see some bullish movement in the coming days?

Timeline of Tron

Tron's latest bearish moves were seen giving way to the bulls considering TRX's sideways action. Additionally, Tron also announced that it would embrace Huawei's Node Engine Service.

Bitwage is pleased to announce the integration of Tether USDT via TRON network, marking another significant milestone in their journey “to deliver seamless cross-border and multi-currency services.

In a recent development that has caught the financial and crypto sectors' attention, Justin Sun, the visionary behind the Tron blockchain platform, has reached out to global payment giant PayPal. Sun's proposition?

Crypto analyst Adam Cochran has released a Twitter thread alleging Huobi and Tron's executives were arrested in China. According to Techub News, he says, credible sources have disclosed that the Chinese police have taken at least three Huobi encryption exchange executives into custody for investigation involving areas like manpower, R&D, and finance.

The TRON (TRX) network exhibited considerable growth in Q2 in daily active accounts, new accounts, and transactions, as metrics increased by 14%, 13.4%, and 28.9%, respectively, according to a recent report by Messari. Tron Q2 Growth.

Tron was enjoying the highs of its latest bullish strides until it was met with a critical roadblock at the $0.0850 - $0.0940 price level. Will the bulls move forward or will the bears seize control from now on?

In the last 24 hours, Tron [TRX] experienced a 3% dip, presenting mixed signals for investors. Despite its impressive burn rate and deflationary nature, the token's price has not been significantly affected.

Tron was one of the notable movers on Saturday, as the token broke out of a key resistance level to start the weekend. The move came as the global crypto market cap mostly consolidated during Saturday's session. Stellar was another exception, as the token rebounded from yesterday's loss.

Cryptocurrency prices had a mixed performance this week as investors waited for more news and catalysts. Bitcoin and Ethereum moved slightly below $30,000 and $1,900, respectively. At the same time, some coins like Chainlink, Tron, and XDC Network made a bullish breakout.

Crypto analyst Adam Cochran recently caused a stir in the cryptocurrency community when he called attention to a series of TrueUSD (TUSD) transactions made by Tron founder Justin Sun. Cochran highlighted a series of transactions made by Sun's address on the Tron blockchain, including minting $62 million worth of TUSD, withdrawing $50 million in USDT from Huobi, and depositing $50 million in USDT on Bitfinex.