Toncoin (TON) Flips Ethereum In Daily Active Users, Fueling $10 Price Target Predictions

Share This Post

Toncoin (TON), the native token of The Open Network, experienced a 12% price drop from its recent all-time high of $7.76 over the past week, following the overall market correction led by Bitcoin (BTC). 

However, despite the temporary setback, the optimistic sentiment surrounding TON and its network has led crypto analysts to speculate on a potential continuation of the halted uptrend, with some even predicting a surge beyond the current record levels toward double-digit territory.

Setting The Stage For $10 Price Target

Crypto analysis firm Delphi Digital made an intriguing observation, noting that TON’s daily active addresses have surpassed those of Ethereum (ETH) for the first time. 

This surge in activity is attributed to the substantial 900 million user base of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON’s success hinges on leveraging Telegram’s distribution capabilities. 

Toncoin

In a recent social media post, renowned crypto and decentralized finance (DeFi) analyst known as “Crypto King” recommended newcomers to explore TON, highlighting its super-fast and user-friendly blockchain infrastructure. 

The analyst also emphasized the credibility of TON’s development team, which is the same team behind Telegram. Crypto King believes TON could experience a significant price spike, potentially reaching as high as $10 in the coming weeks.

Market expert Alex Clay shares a similar viewpoint, noting that despite the market downturn, TON maintains its bullish structure and is poised for double-digit gains. 

According to Clay, TON is on track to reach $10, with the potential for short-term targets of $10.5 and $11.6. Clay also mentions the presence of a Daily Cup & Handle pattern, further bolstering the positive outlook for TON.

Toncoin Price Dips Despite Favorable Market Metrics

Token Terminal data reveals notable figures for TON’s blockchain by examining key metrics that indicate bullishness over the long term. The fully diluted market cap has seen a 3.6% increase over the past 30 days. However, trading volume for the token has decreased by 11.6% over the same period. 

Toncoin

On the other hand, the number of token holders has witnessed a significant surge of 76.3%. In terms of revenue and fees, there have been positive increases of 26.0% and 26.0% respectively over the past 30 days. 

Interestingly, the active user base on TON’s network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users.

Toncoin

Despite the positive growth seen in various metrics over the past 30 days, Toncoin has experienced a 3% decrease in price during the same timeframe, resulting in a current trading price of $6.82. 

In the short term, bullish investors will need to closely monitor the nearest support level at $6.80, effectively preventing the token from further declining to lower levels. Conversely, the nearest resistance level is $7.53, representing the last obstacle before a potential retest of Toncoin’s all-time high.

Featured image from DALL-E, chart from TradingView.com 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto CEO Falls: AML Bitcoin’s Founder Faces 30 Years for Fraud and Laundering

A cryptocurrency CEO has been convicted of wire fraud and money laundering after deceiving investors, raising millions through false claims, and laundering funds for personal luxury purchases AML

Bitcoin Price Above $100,000 Again? Chart Patterns Show What’s Coming Next

Crypto analyst Madden has raised the possibility of the Bitcoin price rallying above $100,000 again, providing a bullish outlook for the flagship crypto His analysis showed what is coming next for

Layer-3s are a necessary innovation in crypto

The following is a guest post from Rob Viglione, CEO at Horizen Labs If we had stopped at dial-up internet, we’d never have gotten Netflix, real-time gaming, or cloud computing The evolution of

Pi Coin Price Prediction: Is $3 Still Possible After 20% Dip?

The post Pi Coin Price Prediction: Is $3 Still Possible After 20% Dip appeared first on Coinpedia Fintech News The price of Pi Network’s token, Pi has recently experienced major selling pressure,

Bitcoin Bullish Trend In Jeopardy As BTC Price Stumbles Near $85,211

Bitcoin’s recent price movement near the $85,211 level has revealed several technical red flags, suggesting potential weakness in its bullish momentum Despite multiple attempts to break through

‘Ripple is Never Going to Win’: Popular Author Questions XRP’s Real Use Case

The post ‘Ripple is Never Going to Win’: Popular Author Questions XRP’s Real Use Case appeared first on Coinpedia Fintech News Despite ongoing legal battles, Ripple’s XRP token continues to