- TRX’s illicit activity dropped significantly in 2024
- Token has been accumulating bullish momentum since its recent rebound from $216 support zone
In a significant development for the altcoin’s ecosystem, TRON (TRX) saw the largest drop in illicit activity in 2024, according to a recent report from TRM Labs.
According to CryptoQuant’s latest tweet, this achievement can be owed largely to the T3 Financial Crime Unit, which is a collaboration between Tether, TRON DAO, and TRM Labs to combat illicit transactions of USDT on the TRON blockchain.
That’s not all though. In fact, TRON has seen a significant price hike too, with the same likely to spark optimism among the crypto’s investors. Hence, it’s worth examining where the altcoin’s charts are right now.
12% hike since rejecting key support level
TRX, TRON’s native cryptocurrency, surged strongly from the significant support level of $0.216 by 12% to the trailing price $0.2493, at press time. The prevailing bullish momentum may push TRX’s price to test this significant level soon if the current trend is sustained.
The decline in illicit behavior on the TRON network is apparently a motivating factor behind this price action. As the blockchain grows and becomes more trusted, investor psychology is only likely to get better.
Source: TradingView
This is significant, especially given the extent to which TRX facilitates USDT transactions. It constitute a significant percentage of its network activity.
What do declining illicit transaction volumes mean for TRON’s future?
The combination of reduced illicit activity and a strong price surge paints a promising picture for the network. With the T3 Financial Crime Unit actively working to curb illegal transactions, TRON’s reputation as a secure and efficient blockchain is expected to improve further.
Such developments could attract more users and developers to the network, hence boosting demand for TRX in the long term.
Source: TRM Labs
What to expect from TRON in the near future?
Technically, the $0.275 resistance level is the immediate barrier in line for TRX. If the bullish trend continues, a breach of this key level can open the doors for further rallies.
However, any signs of waning momentum can trigger a pullback to the $0.216 support level.
