Regulation
Toncoin (TON) hits new highs: can we reach $10?
Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, recently hit a new all-time high, attracting attention from investors and analysts.
With a remarkable price rally and a robust technical setup, Toncoin shows promise of potentially climbing to $10 in the foreseeable future. Let’s explore the factors fueling Toncoin’s stellar performance and optimistic market outlook.
Current market performance
According to the latest data, Toncoin is trading at $7.64, an increase of 8.53%. Despite a general market slowdown, Toncoin has reached a market capitalization of over $18.5 billion, placing it ninth in the world. Its trading volume jumped 103.93% to $487 million in the last 24 hours.
Toncoin reached its peak price of $7.78 on June 5, 2024, just 3.35% lower than its current price, as noted by CoinMarketCap.
Toncoin’s social indicators have also seen a significant increase. Over the past five days, its social volume and dominance have increased, indicating increased interest and activity in the crypto community.
Such increases in social indicators typically precede market rallies, suggesting that the increased visibility could lead to more buying activity.
A key technical indicator, Toncoin’s 50-day moving average, has crossed above the 200-day moving average, forming a “golden cross”.
Source: TradingView
This trend is widely considered a bullish indicator, suggesting a potential long-term uptrend for Toncoin. This development helped shift market sentiment in favor of TON, reinforcing the bullish outlook.
Growth of active portfolios
The number of active wallets on the Toncoin network has seen substantial growth, from 1.28 million at the start of 2024 to over 8 million. This increase not only reflects a growing user base, but also builds investor confidence, indicating a thriving and expanding ecosystem.
In terms of network development, Toncoin’s blockchain has become increasingly popular among decentralized finance (DeFi) developers, which has contributed significantly to its network expansion.
The total value locked (TVL) on the Toncoin blockchain is approaching $1 billion, demonstrating the growing adoption of its platform for DeFi applications.
TapSwap, a leading contributor to the Toncoin ecosystem with a global user base of 49 million, is set to improve network activity with an upcoming airdrop.
This initiative is designed to boost user engagement by facilitating token-to-fiat conversions, thereby increasing the utility and attractiveness of TON.
Additionally, Toncoin has made progress in the tap-to-earn sector, where it competes with platforms such as Notcoin, which has over 30 million users and a market cap of $1.8 billion .
The Tap-to-Earn model allows users to earn tokens through simple online interactions, driving user engagement and wider adoption. Toncoin’s success in this sector highlights its versatility and widespread appeal across the cryptocurrency landscape.
Future outlook for Toncoin
Looking ahead, the immediate resistance level for TON is $8.0. A breakthrough beyond this level could set the stage for hitting the $10 mark, thanks to its strong technical foundation, expanding user base, and growing network adoption.
The confluence of a golden cross formation, favorable RSI, increasing social metrics, and vigorous network growth positions Toncoin for further progress.
Toncoin’s current trajectory and promising indicators suggest it is on track for continued growth. The combination of strong technical indicators, network expansion, and growing user engagement provides a solid foundation for further price appreciation.
As TON continues to attract investment and interest, reaching the $10 mark seems increasingly achievable.
Investors are advised to closely monitor Toncoin’s price movements and network developments as the dynamic nature of the cryptocurrency market is influenced by various factors. Given its current trajectory, Toncoin stands out as a notable contender in the crypto space, poised to reach new heights.