Toncoin (TON), the native cryptocurrency of The Open Network's Layer-1 blockchain, has achieved a fresh breakout, reaching a new all-time high. As of the latest update, Toncoin's price has surged by 8.53% to $7.64, bringing its market capitalization to $18.5 billion, making it the ninth-largest cryptocurrency.
#### Toncoin's Technical Breakthrough with Golden-Cross Formation
The 50-day moving average for Toncoin has surpassed the 200-day moving average, creating a golden-cross pattern on the technical charts. This pattern suggests a potential long-term uptrend for the altcoin, leading to a bullish market sentiment for TON.
According to TradingView, the RSI indicator stands favorably at 62, indicating more room for growth before entering the overbought zone. Additionally, the social volume and dominance for TON have turned bullish over the past five days, a trend often preceding a market rally.
#### Growing Investor Confidence and Network Expansion
The number of TON holders has increased, reflecting growing investor confidence. The immediate resistance level for Toncoin is at $8.0, and surpassing this could lead to a further rally to $10 and beyond.
Toncoin's blockchain network has experienced significant growth, attracting more DeFi developers and reaching a total value locked (TVL) of nearly $1 billion. Active Toncoin wallets have skyrocketed from 1.28 million at the beginning of 2024 to over 8 million currently. Toncoin has also made notable gains in the tap-to-earn sector, competing with platforms like Notcoin, which has a market cap of $1.8 billion and over 30 million users.
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