Toncoins’ daily active users have increased and the trading volume soared by 103.93%.
The RSI stands above 60, noticing the bullish momentum.
Toncoin (TON), the native token of the TON blockchain developed by Telegram, is standing out in the altcoin market’s challenging landscape. Despite prevailing adverse conditions, Toncoin has risen by 8.60% in the past 24 hours, surging to $7.64. Analysts are optimistic, forecasting a potential rise to $10 in the near term.
Despite the market downturn, Toncoin boasts a market cap exceeding $18.5 billion, ranking ninth globally. Trading volume has soared by 103.93% to $487 million in the past 24 hours. Toncoin hit its all-time high at $7.78 on June 5, 2024, just 3.35% away from its current price, according to CoinMarketCap.
Meanwhile, TON’s network growth is fueled by Telegram’s 900 million user base, which has driven its daily active addresses above Ethereum, as per Delphi Digital‘s post to X on June 10.
Moreover, Toncoin has skyrocketed by 600% from its 2023 lows, with active wallets now totaling 8 million due to growing user and developer adoption. Santiment reports a bullish trend in social dominance and the trading volume for TON over recent days. Additionally, the total value locked (TVL) on the Toncoin blockchain has reached approximately $1 billion.
Will the Bulls Aid TON to Hit ATH?
The Relative Strength Index (RSI) currently stands at 63.80, indicating an overbought condition. Looking ahead, if bullish momentum holds above $7.64 and continues to strengthen, the first major resistance level could be at $7.87, followed by a key resistance around $12. Failure to break above these levels could potentially lead to a decline towards $4.60.
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