Even with the market volatility, TRON (TRX), continues to gain momentum. TRX recently saw TVL growth of $6 billion in July, which was largely due to renewed investor interest in DeFi.
TRON is the DeFi smart contract that has received the highest support in the last two years. According to July’s data, blockchain growth has increased by 49% in terms TVL. In fact, July growth was exponential as TRON’s TVL was seen to surge from $3.95 billion on July 1 to $5.91 billion at the end of July.
Justin Sun, the founder of TRON, founded it in 2017. TRX has been highly acclaimed and is known for its scalability. The protocol was ambitious in that it aims to create a decentralized internet infrastructure.
TRON: Polygon and Solana have less TVL than Avalanche, Polygon and Solana
TRON was originally an ERC20 token built in Ethereum’s ecosystem. However, due to issues with scalability that is linked to Ethereum’s overtly expensive gas fees, TRON announced that they would be moving forward with a new peer-to-peer network in 2018.
TRON TVL increased due to an increase in dApps. JustLend (a DeFi) increased as high as 19% in July. JustStables (USDJ), which soared more than 2 percent in the same time period, was even more impressive. Additionally, the decentralized exchanges UniFi and SocialSwap, which include UniFi and SocialSwap, also saw a dramatic increase of 550% and 6.6% respectively.
TRON claims to have higher TVL than Polygon and Solana. TRX was said to be in third place after Ethereum Smart Chain and Binance Smart Chain.
TRON Changes to Bearish Mode
TRX opened July trading at $0.06479, and closed the month at $0.06894. Overall, the increase was 6% for both TRX’s closing and opening prices. The bears were trying so hard to penetrate the market but the bulls didn’t let as they pumped the price further up.
To tilt the token’s price in their favour, bears need to put their heads together. While the trend was bullish from August 2, it started to fall on August 4. However, the bulls drove the price up daily on the chart and the bears could cut in the trade.
CoinMarketCap says that TRON was down by 0.41%, or $0.06965 in the hours of this writing. Bulls will likely win if they can force a reentry and flip the script. However, if the bears can push the price down, then this will render more damage for the bulls so they’ll keep pushing back. These opposing forces could cause the price to break below the $0.0669 support level and then fall towards $0.0627.
Source: TradingView.com| Source: TradingView.com Featured Image from MyConstant. Chart by TradingView.com
