TLDR
- TRON’s TVL increased by 3.4 billion TRX in past week, now exceeding $6.6 billion
- TRX price remains stable above $0.27 while other L1 tokens face deeper corrections
- New Chainlink oracle integration enhances TRON’s DeFi infrastructure capabilities
- Weekly transaction count hit 60 million, with active addresses reaching 6 million
- Technical patterns indicate possible 65% price movement toward the $0.44 range
While many top cryptocurrencies have struggled with downward pressure, TRX has maintained its position above $0.27, showcasing remarkable resilience in the current market environment.
Data from DeFiLlama reveals a substantial influx of capital into the TRON ecosystem, with its Total Value Locked (TVL) receiving more than 3.4 billion TRX in fresh deposits since the beginning of the week. This has pushed the network’s TVL from 20.6 billion TRX on May 10 to 24.2 billion TRX as of Thursday, May 16.
When converted to USD, TRON’s TVL now stands at over $6.6 billion, cementing its place as the third-largest blockchain by locked value. Only Ethereum and Solana currently rank higher in this key metric of blockchain utilization.
TRX Price
The growth in TVL reflects increasing confidence in TRON’s capabilities as a high-throughput settlement layer among both retail users and institutional players. This confidence appears well-founded, with network activity showing parallel growth.
According to Nansen data, TRON processed over 60 million transactions in the last seven days, representing a 4.8% increase week-over-week. This makes it the third most active blockchain network, behind only Solana (433 million) and Base (67 million) in transaction volume.
The network’s active address count has also seen growth, rising by 1% over the past week to exceed 6 million. This puts TRON well ahead of Ethereum, which recorded 2 million active addresses during the same period despite being the largest smart contract platform by market cap.
Enhanced DeFi Infrastructure Through Oracle Integration
A key development that could drive further growth came on Thursday when Tron DAO announced the official integration of Chainlink’s decentralized price oracles into the TRON network. This upgrade represents a major enhancement to TRON’s DeFi capabilities.
The integration allows TRON-based DeFi platforms to access real-time market data through Chainlink’s globally distributed oracle network. This provides crucial price feeds with minimized manipulation risk, essential for applications like stablecoin mechanisms, lending protocols, and derivatives markets.
This move positions TRON to potentially capture market share in the growing asset tokenization sector, currently valued at approximately $3.5 billion according to Coingecko data. Until now, this sector has been dominated by Ethereum-based projects due to Chainlink’s native tooling advantages.
For developers building on TRON, the Chainlink integration offers tangible benefits including reduced latency in data updates and more scalable tooling options. These improvements could attract more projects to build on TRON, potentially increasing TVL in the coming months.
JustLend and Sun.io have emerged as the leading DeFi protocols on TRON, attracting the most user activity during the current market cycle. Their growth has contributed substantially to the overall expansion of TRON’s DeFi ecosystem
Technical Analysis Points to Upside Potential
From a technical perspective, TRX has displayed impressive strength in recent trading sessions. While cryptocurrencies like Solana and XRP posted losses exceeding 4% on Thursday, TRX limited its decline to less than 1%.
The daily chart shows TRX has formed an ascending channel pattern and is currently approaching its upper boundary near $0.28. A successful breakout above this level could potentially trigger a move toward the 2024 high of $0.4467, representing a 65% gain from current levels.
TRX has already flipped the crucial resistance level at $0.2584, a price point it had struggled to break above multiple times since January. This breakthrough signals increasing buy-side pressure that could fuel further upward movement.
The token has remained above all key adaptive regression line bands, with support established in the $0.256 to $0.262 range. Recent trading patterns show a clustering of green candles with upper wicks that demonstrate buying strength returning after intraday dips.
