Toncoin (TON), the native token of The Open Network, recently experienced a 12% price drop from its all-time high of $7.76 due to the overall market correction led by Bitcoin (BTC). However, despite this setback, there is a positive sentiment surrounding TON, with crypto analysts speculating on a potential continuation of the uptrend, possibly even surpassing double-digit territory. Delphi Digital noted that TON’s daily active addresses have surpassed Ethereum for the first time, attributed to Telegram’s large user base of 900 million. The success of TON is seen to rely on leveraging Telegram’s distribution capabilities.
Renowned crypto analyst “Crypto King” recommended newcomers to explore TON, emphasizing its fast and user-friendly blockchain infrastructure. The development team behind TON, which is also behind Telegram, is seen as credible. “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, mentioning that despite the market downturn, TON maintains a bullish structure and is poised for double-digit gains, with potential short-term targets of $10.5 and $11.6. The presence of a Daily Cup & Handle pattern further supports a positive outlook for TON.
Token Terminal data reveals positive metrics for TON’s blockchain, indicating bullishness over the long term. The fully diluted market cap has increased by 3.6% over the past 30 days. However, trading volume has decreased by 11.6% during the same period. The number of token holders has surged by 76.3%, while revenue and fees have seen positive increases of 26.0% each. The active user base on TON’s network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users. Despite this growth, Toncoin has experienced a 3% decrease in price over the past 30 days, currently trading at $6.82.
In the short term, bullish investors will need to monitor the nearest support level at $6.80 to prevent further decline. The nearest resistance level is $7.53, representing the last obstacle before potentially retesting Toncoin’s all-time high. The positive growth in various metrics and the surge in active users indicate a promising future for TON, with experts predicting a potential price surge beyond the current levels towards $10. With the strong backing of Telegram and its large user base, TON is expected to continue gaining traction in the crypto market and potentially reach new heights in the near future.
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