TRX’s Illicit Activity Dropped Significantly in 2024

• Token has been accumulating bullish momentum since its recent rebound from $0.216 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 largely attributed to the T3 Financial Crime Unit, a collaboration between Tether, TRON DAO, and TRM Labs aimed at combating illicit transactions of USDT on the TRON blockchain.

That’s not all. TRON has also experienced a notable price hike, likely sparking optimism among crypto investors. Thus, it’s worth examining the current state of the altcoin’s charts.

12% Hike Since Rejecting Key Support Level

TRX, TRON’s native cryptocurrency, surged strongly from the significant support level of $0.216, rising 12% to a trailing price of $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 appears to be a motivating factor behind this price action. As the blockchain matures and earns more trust, investor psychology is likely to improve.

This is particularly significant given the extent to which TRX facilitates USDT transactions, which constitute a considerable percentage of its network activity.

Implications of Declining Illicit Transaction Volumes for TRON’s Future

The combination of reduced illicit activity and strong price surges 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.

Such developments could attract more users and developers to the network, boosting long-term demand for TRX.

What to Expect from TRON in the Near Future?

Technically, the $0.275 resistance level is the immediate barrier awaiting TRX. If the bullish trend continues, a breach of this key level could open doors for further rallies.

However, any signs of waning momentum might trigger a pullback to the $0.216 support level.