- Despite skepticism, broader market metrics suggest Toncoin’s solid progress with potential for substantial long-term growth.
- Technical indicators forecast a 50-60% increase in Toncoin’s price, with a near-term target of $10 per TON.
Toncoin has recently achieved a notable milestone with 946 daily active addresses on its Masterchain, reflecting a significant increase from July 2021.
This rise in active users underscores an expansion in network activities and a growing interest in decentralized applications (dApps) and work chains associated with TON. The surge suggests a robust demand for Toncoin and paints a bullish picture for its future.
Despite the impressive metrics, some market analysts express caution, labeling the TON blockchain as potentially overhyped. They point to the relatively low number of daily active users as a basis for their skepticism.
However, a broader look at market indicators contradicts this pessimistic view, indicating solid growth and a promising long-term trajectory for TON.
The technical analysis of the TON/USDT pair shows promising signs. Recent trading sessions revealed a reversal candle with a long tail on the weekly chart, signaling strong buying interest.
Additionally, a tightening of the Bollinger Bands on this chart suggests an imminent price squeeze, likely resulting in a breakout to the upside.
On the daily chart, Toncoin is approaching a critical resistance at the 100 simple moving average. Breaking this barrier could sustain a new support level above it.
Market analysts by ETHNews, anticipate a potential 50-60% surge in Toncoin’s value in the near term, setting a realistic price target of $10 per TON.
This bullish outlook is part of a broader expectation for an upcoming altcoin season, which could see significant movements across various cryptocurrencies.
Further supporting this outlook is the global liquidity context, which is teetering on the edge of a significant breakout.
With global liquidity poised to expand and recent activities in USDT minting, cryptocurrencies like Toncoin could see substantial gains in the coming months, according to ETHNews reports.
As of now, TON’s market capitalization stands at $16.82 billion, with trading volumes over the last 24 hours reaching $227 million. This volume-to-market cap ratio suggests that Toncoin maintains adequate liquidity, essential for future growth and stability in its price.
Toncoin (TON) is currently trading at $6.541 USDT, showing a slight increase of 0.74% as of the latest update. The day’s trading range has been between $6.459 and $6.599 USDT. The coin has seen significant price movement over the last year, with a substantial increase of 373.30%.
