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

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

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

Toncoin (TON) witnessed it a significant turning point, setting a new all-time high. Toncoin price rose 6.04% to $7.64, pushing its market capitalization to $18.5 billion. This rapid appreciation in the value of Toncoin highlights growing market interest and confidence in the asset.

Over the past month, the token’s trading volume has seen a decline of 11.6%, indicating a possible decrease in short-term trading activity. However, this has not dampened investor sentiment, as evidenced by a significant increase in market capitalization. The growth in market capitalization, coupled with a 76.3% increase in Toncoin holders, underlines solid confidence in the token’s future potential.

Network growth and economic indicators

The Toncoin network has seen a notable increase in activity, with the number of monthly active users up by 245.1%, reaching approximately 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 increase in active users, key economic indicators such as network revenue and transaction fees saw 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 highlighted by the TVL on the network, which has approached the billion dollar mark. Furthermore, 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 risen to over 8 million. This growth reflects the network’s expanding user base and growing adoption of Toncoin for various financial activities.

Toncoin has also made great strides in the tap-to-earn sector, competing with established platforms such as Notcoin. Tap Swap, a key player in the Toncoin ecosystem, boasts a global user base of 49 million. TapSwap’s upcoming airdrop plans to improve user engagement and facilitate token-to-fiat conversions by further integrating Toncoin into major financial systems.

Technical analysis and future prospects

From a technical point of view, the Toncoin price chart reveals a complex picture. The simple moving average (SMA) indicates a bearish crossover, suggesting more bearish pressure in the market. The Moving Average Convergence Divergence (MACD) further supports this outlook, with a declining green histogram indicating potential bearish convergence.

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

Crypto influencer “Crypto King” did it recently recommended Toncoin to new investors, highlighting its fast and easy-to-use blockchain infrastructure. He noted the credibility of the development team, which also developed Telegram, suggesting that this could lead to a significant increase in the price of Toncoin, potentially reaching $10 in the near future.

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