TRX: Tron price is still surging amid robust ecosystem growth

Tron (TRX) price has been one of the best-performing major cryptocurrencies this year. TRX jumped to a high of $0.085 on Saturday, the highest level since June last year. It has soared by more than 85% from the lowest level in 2022.

Timeline of Tron

Tron's TVL saw a significant uptick which managed to remain steady above $5 billion at least in the last three months. Similarly, the amount of fees that the network generated grew substantially in the last five months.

The Tron network seemed in a celebratory mood amid TRX's ongoing bullish price trajectory. However, it wasn't all rosy for the altcoin as a few metrics painted a glum picture for TRX.

The TRON price analysis reveals that today's market sentiment for TRON is showing mixed signals. Yesterday, it experienced a significant rally, reaching a yearly high of $0.078, the highest since June 12, 2022.

June is still more than a week away, hence there is room for some sell pressure. However, the prospects of TRX being legal tender in Hong Kong might be enough to support a bullish outlook.

While the majority of the cryptocurrency sector, including the flagship decentralized finance (DeFi) asset Bitcoin (BTC), is swimming in the sea of red, TRON (TRX) has been recording bullish results in multiple areas, including in terms of its price, social, and market activity.

Tron (TRX), the cryptocurrency created by Justin Sun, has experienced a substantial price increase over the last three days, with its futures gaining around 10% in value. This bullish activity represents the first major uptick for TRX in recent weeks, following a period of turbulence fueled by rumors about Justin Sun's possible arrest and the collapse of Tron-based algorithmic stablecoin USDD.

Since the last wMarket report on Friday, the cryptocurrency market saw net outflows of $0.43 billion and currently stands at $1.12 trillion — down 0.04% from $1.12 trillion. Since May 19, the Bitcoin (BTC) and Ethereum (ETH) market caps fell 0.01% and 0.5% to $520.14 billion and $218.57 billion, respectively.

Tron (TRX/USD) price has been in a relentless rally even as other cryptocurrencies retreated. The coin has jumped in the past four straight days and is now hovering at the highest level since June last year. It has soared by more than 70% from the lowest level in November last year.

The Tron network gave the community some noteworthy updates, however, TRX didn't mirror the expected excitement. A shift in trend could be observed in the long run but short-term prospects remain motionless.

On the daily timeframe, the market structure was bullish. This gave a bias for TRX heading into the analysis on lower timeframes, but the $0.71-$0.073 area posed a crucial obstacle.