Toncoin (TON), the native cryptocurrency of the Open Network’s first-layer blockchain, has surged to a new all-time high. As of this writing, Toncoin is trading at $7.64, up 8.53% and with a market cap of $18.5 billion, ranking it as the ninth-largest cryptocurrency by market size.

Toncoin Challenges Dogecoin with Golden Cross Pattern

In technical chart patterns, Toncoin’s 50-day moving average indicator has crossed above its 200-day indicator, forming a golden cross pattern, indicating a possible long-term uptrend for the altcoin. Considering this golden cross pattern, the market sentiment for TON has turned bullish.

As shown in the above chart, the RSI indicator is also performing well at the 62 level, indicating that there is room for further gains before entering the overbought zone. In addition, TON’s social volume and social dominance have also been bullish over the past five days. A surge in social indicators usually precedes a market rally.

Meanwhile, the total number of TON holders has increased, indicating increased investor confidence. Currently, the immediate resistance for Toncoin’s price to rise is $8.0. Once this level is broken, further bullish action could lead to a price increase to $10 and above.

Strong Network Growth

The Toncoin blockchain network has achieved strong network growth by attracting more and more DeFi developers to the platform. In addition, the total locked value (TVL) on the Toncoin blockchain is close to $1 billion.

The number of active wallets on Toncoin has also increased dramatically, from 1.28 million at the beginning of 2024 to more than 8 million now. In addition, Toncoin has made great progress in the field of instant click-to-earn, competing with platforms such as Notcoin, which has more than 30 million users and a market capitalization of $1.8 billion.

One of the main contributors to the Toncoin ecosystem is TapSwap, which has a global user base of 49 million. In addition, its upcoming airdrop aims to increase user engagement by facilitating the exchange of tokens with fiat currencies. #Toncoin

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