Toncoin (TON) Skyrockets to All-Time High, Eyes $10 Milestone

• Toncoin’s price rose by 6.04% due to increased investor confidence and strategic developments within The Open Network and Telegram integration.

• TON’s potential for further gains, with resistance at $8.0 and a possible rally to $10.

Toncoin (TON) has witnessed a significant breakout, setting a new all-time high. The price of Toncoin surged by 6.04% to $7.64, propelling its market capitalization to $18.5 billion. This rapid appreciation in Toncoin’s value underscores a growing market interest and confidence in the asset.

Over the past month, the token’s trading volume has seen an 11.6% decline, indicating a possible decrease in short-term trading activities. However, this has not dampened investor sentiment, as evidenced by a significant rise in market capitalization. The market cap growth, alongside a 76.3% increase in Toncoin holders, underscores a robust belief in the token’s future potential. 

Network Growth and Economic Indicators

Toncoin’s network has experienced a significant surge in activity, with the number of monthly active users increasing by 245.1%, reaching around 5.42 million. This substantial growth in the user base enhances the network’s value proposition and strengthens the demand for TON as a utility token.

In addition to the rise in active users, key economic indicators such as network revenue and transaction fees have seen a 26% increase. These metrics highlight the growing economic activity within the network, reflecting a healthy and vibrant ecosystem that supports the overall bullish sentiment surrounding Toncoin.

The Toncoin blockchain network has demonstrated robust growth, this expansion is evidenced by the TVL on the network, which has approached the $1 billion mark.  Moreover, the number of active Toncoin wallets has seen a dramatic increase. From 1.28 million active wallets at the start of 2024, the number has surged to over 8 million. This growth reflects the network’s expanding user base and the increasing adoption of Toncoin for various financial activities.

Toncoin has also made significant strides in the tap-to-earn sector, competing with established platforms like Notcoin. TapSwap, a key player in the Toncoin ecosystem, boasts a global user base of 49 million. The upcoming airdrop planned by TapSwap aims to enhance user engagement and facilitate token-to-fiat conversions, further integrating Toncoin into mainstream financial systems.

Technical Analysis and Future Prospects

From a technical perspective, Toncoin’s price chart reveals a complex picture. The Simple Moving Average (SMA) indicates a bearish crossover, suggesting increased bearish pressure in the market. The Moving Average Convergence Divergence (MACD) further supports this outlook, with a declining green histogram pointing to a potential bearish convergence.

However, despite these technical signals, the overall market sentiment remains cautiously optimistic. If the Toncoin price can break above the resistance level of $7.40, it could pave the way for a retest of its previous all-time high in the upcoming weeks. Sustaining this level would set the stage for the price to move toward the $8.60 mark, reinforcing the bullish case for Toncoin.

Crypto influencer “Crypto King” has recently recommended Toncoin to new investors, emphasizing its fast and user-friendly blockchain infrastructure. He noted the credibility of the development team, which also developed Telegram, suggesting that this could lead to a significant price spike for Toncoin, potentially reaching $10 in the near future.

If you are starting on crypto, I will strongly recommend you to have a look at $TON / @ton_blockchain

Super early. Super quick. Easy to build.

Moreover, run by @telegram .

Few more weeks, you will see $TON over 10$ pic.twitter.com/ONRBCFKsmc

— Crypto King.eth.sol (@cryptosanthoshK) June 11, 2024