Toncoin (TON), the native cryptocurrency of the Layer-1 blockchain – The Open Network – has given a fresh breakout hitting a new all-time high. As of press time, the Toncoin price is trading 8.53% up at $7.64 with its market cap shooting at $18.5 billion which makes it the ninth largest cryptocurrency.
Toncoin Challenges Dogecoin With Golden-Cross Formation
On the technical chart pattern, the 50-day moving average indicator for Toncoin has crossed the 200-day indicator thereby forming a golden-cross pattern indicating the potential for a long-term uptrend for the altcoin. Considering this golden-cross formation, the market sentiment for TON has turned bullish.
Courtesy: TradingView
As we can see in the above chart, the RSI indicator is also favorable at 62 levels, thereby showing further room for the upside before it enters into the overbought territory. Moreover, the social volume and social dominance for TON have also turned bullish over the past five days. This surge in the social metrics often precedes the market rally.
At the same time, the total number of TON holders has increased showing confidence among the investors. Currently, the immediate resistance on the upside for the Toncoin price is $8.0. Once it crosses that level, further bullish action can lead to a rally to $10 and above.
Strong Network Growth
The Toncoin blockchain network has seen strong network growth by attracting more and more DeFi developers to the platform. Furthermore, the total value locked (TVL) on the Toncoin blockchain has reached close to $1 billion.
There’s also been a dramatic surge in the active Toncoin wallets from 1.28 million at the beginning of 2024, to now at over 8 million. Furthermore, Toncoin has made substantial gains in the tap-to-earn sector competing with platforms like Notcoin which has over 30 million users with a market cap of $1.8 billion.
One of the key contributors to the Toncoin ecosystem is TapSwap having a global user base of 49 million. Furthermore, its upcoming airdrop seeks to boost user engagement by facilitating token conversions to fiat.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
