Tron Rakes in Nearly $600 Million in Revenue — TRX Price Aims for New Yearly High

Key Takeaways

• Tron’s revenue reached a new high of $577 million in Q3.
• The TRON (TRX) price is 10% from a new yearly high.
• Will the TRX price rally to end the year and reach new highs?

The TRX price has fallen since reaching its yearly high of $0.17 on Aug. 25. However, the decrease has not been sharp, and TRX regained its footing in September, creating several higher lows.

Let’s examine the TRX price movement and see if it can rally to the end of the year and break its previous highs.

Tron Reaches Record Revenue

TRON’s monthly revenue has been increasing steadily since the start of 2022. Initially, revenue from burning was higher than that from staking (blue).

However, they switched places in 2023 and have not looked back since.

In Q3 of 2024, total revenue spiked to $577 million, $429 from staking, and $147 from burning.

This was an increase of 45% from the previous quarter and the highest-ever quarterly revenue.

Much of this likely comes from stUSDT, the liquid-staked version of USDT in the Tron blockchain. This version has a 4.2% APY and can be used in various decentralized finance (DeFi) platforms in Tron.

Tron’s fees are also second year-to-date at $1.37 billion, trailing only Ethereum.

In other positive Tron news, Boston University will co-host the TRON builder tour on Oct. 5. Let’s now examine the TRX price movement and see if it can reach a new yearly high.

TRON’s Yearly High

The TRX price has increased inside an ascending parallel channel since Aug. 2023. The channel’s support and resistance trend lines have been validated numerous times, most recently in Sept. 2024 (black icon).

While the price has fallen since it recently bounced at the channel’s midline and could soon begin another upward movement.

Read More: TRON Price Prediction 2024: TRX Price Analysis

There is ample support at $0.140, created by the channel’s support trend line and a horizontal support area.

The weekly Relative Strength Index (RSI) is increasing and above 50. However, it is worth mentioning the indicator generated a bearish divergence (green) before the current drop.

The daily TRON price history implies that another upward movement is likely.

The wave count suggests that TRX started a five-wave increase in April and is currently completing wave four.

Once wave four is over, the price of TRX can begin its fifth and final wave toward a new yearly high. A potential target for the top of this move is at $0.178, reaching the channel’s resistance trend line.

On the other hand, falling below the channel’s midline will put this count at risk, while a decline below the wave one high at $0.142 (red) will invalidate it.

Trend Leans Bullish

The TRX price action is leaning bullish, though more confirmation is needed to confirm it.

Nevertheless, an upward movement is favored as long as the price trades above the $0.140 horizontal support area. A possible target for the next high is at $0.178.