Ethereum
Toncoin (TON) Topples Ethereum Among Daily Active Users, Fueling $10 Price Target Forecast
Toncoin (TON), the native token of The Open Network, saw a 12% price drop from its recent all-time high of $7.76 over the past week, following the overall price rally. 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 interrupted uptrend, with some even predicting a surge beyond current all-time highs into double-digit territory .
Setting the Stage for a $10 Price Target
Crypto analysis company Delphi Digital made an intriguing observation: noting that TON’s daily active addresses surpassed those of Ethereum (ETH) for the first time.
This increase in activity is attributed to the large base of 900 million users of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON’s success depends on leveraging Telegram’s distribution capabilities.
In a recent social media joba renowned crypto and decentralized finance (DeFi) analyst, known as “Crypto King,” recommended newcomers explore TON, highlighting its lightning-fast and user-friendly blockchain infrastructure.
The analyst also highlighted the credibility of the TON development team, which is the same team behind Telegram. Crypto King believes TON could see a big impact price surgepotentially reaching $10 in the coming weeks.
Market expert Alex Clay shares a similar view point of viewnoting that despite the market slowdown, TON maintains its bullish structure and is poised for double-digit gains.
According to Clay, TON is on track to hit $10, with potential near-term targets of $10.5 and $11.6. Clay also mentions the presence of a Daily Cup & Handle pattern, further reinforcing TON’s positive outlook.
Toncoin price falls despite favorable market indicators
Token terminal data reveals notable numbers for the TON blockchain by examining key indicators that indicate a long-term bullish trend. The fully diluted market capitalization has seen an increase of 3.6% over the past 30 days. However, trading volume for the token decreased by 11.6% during the same period.
On the other hand, the number of token holders experienced a significant increase of 76.3%. In terms of revenue and fees, there have been positive increases of 26.0% and 26.0% respectively over the last 30 days.
Interestingly, the active user base on TON’s network skyrocketed by 245.1%, with approximately 5.42 million monthly active users.
Despite the positive growth seen in various indicators over the past 30 days, Toncoin has seen a 3% price decline over the same period, resulting in a current price of $6.82.
In the short term, bullish investors will need to keep a close eye on the nearest development. support level to $6.80, effectively preventing the token from falling further to lower levels. Conversely, the closest resistance level is $7.53, which represents the final hurdle before a possible retest of Toncoin’s all-time high.
Featured image of DALL-E, chart by TradingView.com