TRON (TRX) Network Activity Evolves Amid Broader Market Downturn, Metrics Hint at Possible Uptrend

The broader cryptocurrency market has experienced sharp declines in recent days, and TRON [TRX] has not been immune to the downward pressure.

Tron’s [TRX] price movements have been closely tied to the broader cryptocurrency market performance. After experiencing a 10% loss last week, TRX showed a slight recovery in the last 24 hours, rising 3.7% to reach $0.2253.

As TRX’s price edges up, on-chain data from CryptoQuant revealed interesting insights into Tron’s network activity.

According to analyst Darkfost, Tron’s decentralization is evolving, with a shift toward activity on DEXs and platforms.

Darkfost highlighted the increasing activity on Tron’s DEXs, which aligns with a broader preference for decentralized financial operations.

This preference has led to a rise in Total Value Locked (TVL) on Tron’s DEXs, indicating investor confidence in the network’s development and security.

Tron’s metrics paint a complex picture

Beyond these structural shifts, other metrics presented a more nuanced perspective on TRX’s future price action.

Data from Coinglass indicated a slight increase in Tron’s Open Interest (OI), which represents the total number of outstanding futures contracts. OI rose by 0.96% over the last day, reaching $159.54 million.

This modest uptick in OI often reflects renewed trading activity and could indicate increasing market confidence.

However, the volume of TRX OI dropped by 32%, settling at $334.66 million. This decline highlighted that while more contracts are being held, overall trading activity has slowed.

From a technical standpoint, TRX has shown strength on the daily chart, with a pattern of higher lows indicating a potential upward trend.

TRX recently bounced from a notable demand zone, suggesting a continuation of positive momentum.

These technical and on-chain signals, combined with the performance of the broader cryptocurrency market, could influence Tron’s ability to sustain further gains.