Toncoin, the native token of the TON blockchain created by Telegram, is making waves in the altcoin market despite challenging conditions. In the last 24 hours, Toncoin has seen an impressive 8.60% increase, reaching $7.64. Analysts are optimistic about its potential, predicting a surge to $10 in the near future.
Even in the midst of a market downturn, Toncoin boasts a market cap of over $18.5 billion, placing it ninth globally. Trading volume has also skyrocketed by 103.93% to $487 million in the past day. On June 5, 2024, Toncoin hit its all-time high of $7.78, just 3.35% below its current price, according to CoinMarketCap.
The growth of TON’s network is fueled by Telegram’s massive user base of 900 million, surpassing Ethereum in daily active addresses, as confirmed by Delphi Digital on June 10.
Toncoin has seen an incredible 600% increase from its 2023 lows, with active wallets now totaling 8 million due to increasing user and developer adoption. Santiment reports a positive trend in social dominance and trading volume for TON in recent days. Additionally, the total value locked (TVL) on the Toncoin blockchain has reached approximately $1 billion.
With the Relative Strength Index (RSI) currently at 63.80, indicating an overbought condition, the question remains whether the bullish momentum can push Toncoin to hit its all-time high. If the price remains above $7.64 and continues to strengthen, the first major resistance level could be at $7.87, followed by a key resistance at $12. However, failure to break above these levels could potentially result in a decline towards $4.60.
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