The number of TON holders has experienced a dramatic rise in 2024, growing by an astounding 2400% since the start of the year.
As of October 2024, more than 90 million people hold TON tokens, marking a significant milestone for the platform. This surge reflects a sharp rise in interest and adoption, positioning TON as a major player in the crypto market.
Token holder distribution of $TON has grown by 2400% this year, as the total number of $TON holders now stands at 90M. pic.twitter.com/0fLyOi1PRS
— Jesse Trading (@TradeWithJesse) October 14, 2024
Steady Growth with a Sharp Spike Since June 2024
The increase in TON holders has been steady throughout 2024, but the most significant jump occurred after June. From January to June, the platform saw moderate growth, but a sharp acceleration started mid-year, driving the total number of holders to exceed 84 million by October.
While the number of token holders has shown consistent growth, TON’s trading volume has been more volatile. The platform experienced notable spikes in trading activity during March, July, and September.
Source: X
The highest trading volume occurred in September, peaking at $2.4 billion. Although the trading volume dipped following this peak, it remains relatively high compared to earlier months in 2024. This volatility indicates increased trading interest at certain points throughout the year.
Current Market Data and Price Trends
As of October 2024, the price of TON is $5.29, reflecting a slight recovery with a 0.51% increase over the past 24 hours. Earlier in the day, the price dropped below $5.20 but has since fluctuated, stabilizing above $5.25. This recovery suggests that the token is experiencing some consolidation, potentially signaling short-term bullish momentum.
TON’s market capitalization stands at $13.43 billion, with a notable increase in 24-hour trading volume of 71.74%, reaching $203.61 million.
Source: CoinMarketCap
Despite the recent surge in trading volume, the volume-to-market-cap ratio remains low at 1.51%, indicating potential for larger movements depending on market sentiment.
From a technical perspective, the TON/USD pair shows fluctuating price action between the upper and lower Bollinger Bands (BB), set at 20 periods with a standard deviation of 2. The current price is near the lower band, suggesting a potential oversold condition.
The price is also slightly below the Simple Moving Average (SMA) of the Bollinger Bands, pointing to a bearish sentiment, although a slight upward movement of +2.07% for the day shows signs of recovery. Resistance is seen at $6.04, with support at $4.96.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicator reveals bearish momentum, with a bearish crossover visible as the MACD line remains below the signal line.
However, there are signs of potential recovery, as the histogram appears to be moving toward the neutral zone. Traders may want to wait for further confirmation from price movements and MACD trends before predicting a potential trend reversal.
The post Toncoin (TON) Price Forecast October 14: TON Surges 2400% in Holders: But Will $6.04 Resistance Hold? appeared first on Coinfomania.
