The cryptocurrency market has remained volatile throughout 2026 as investors continue to debate when Bitcoin (BTC) may form a durable bottom. Amid the uncertainty across the broader market, some altcoins have shown signs of resilience, including TRON (TRX), which is now drawing attention for technical and on-chain indicators that have raised questions about whether its recent decline has stabilized.

TRX steadies after falling from its May high

According to 10x Research, TRX declined by about 16% from its May high before finding support in late June. The token is now trading above both its 7-day and 30-day moving averages, a development the firm interpreted as a bullish momentum signal.

TRX has risen 2.2% over the past week and has recovered 6% from its recent lows. Even so, it remains 11% below its May peak. The token is trading near $0.33, roughly 23% below its record high of $0.4313. That gap keeps the recent rebound in context: TRX has improved from its late-June weakness, but it has not yet reclaimed the levels reached during its May advance.

Stablecoin activity and treasury purchases support the outlook

Beyond the technical setup, continued treasury accumulation and network usage are also contributing to the constructive view of TRX. For TRON, stablecoin activity is a central part of the network’s usage profile, so transfer volumes and transaction costs are closely watched alongside price-based indicators.

Nasdaq-listed Tron Inc. has continued increasing its treasury holdings, buying another 150,742 TRX on Sunday at an average price of $0.3317. The purchase brought the company’s holdings to more than 706.9 million TRX. Tron Inc. buys roughly $50,000 worth of TRX each day under a 360-day accumulation plan.

“We are executing a deliberate accumulation strategy that reflects our confidence in TRON’s scalability, real-world utility, and long-term value creation,” Rich Miller, CEO of Tron Inc., said in a filing.

Network data also remains a focus. According to a July CryptoQuant report, the TRON blockchain now hosts roughly $90 billion in circulating Tether (USDT). The network processes about $24 billion in daily transfer volume across approximately 2.2 million USDT transactions.

“This surging stablecoin demand reinforces the network’s position as a primary global settlement layer for retail payments,” 10x Research wrote.

Transaction costs have also declined. After last year’s gas fee reduction, average transaction fees on the network have fallen 65% year over year to about $0.49, a decrease that has further supported network activity. Lower transaction fees can be particularly relevant for stablecoin transfers, where users often prioritize predictable and inexpensive settlement.

Although TRX remains below its May high, the combination of improving technical momentum, ongoing treasury accumulation, and strong stablecoin activity suggests that downside pressure may be easing. Whether the token has established a lasting bottom will likely depend on broader crypto market conditions, continued network activity, and Bitcoin’s next major move.