Toncoin (TON), the native token of the Open Network, has been the best performer of the cycle. The token hit a new all-time high (ATH) twice this Friday, and the number of active users of Ethereum has also increased significantly this week. Market observers believe that this breakout and recent performance could set the stage for a rally towards the $10 mark.
Toncoin hits all-time high of $8
Cryptocurrency analyst Ali Martinez recently stated that Toncoin is about to see a major breakout. The analyst highlighted the ascending triangle pattern on the TON chart and stated that the coin is preparing to breakout 40% above the $10 price range.
On Thursday evening, the coin successfully tested the $7.7 resistance level, breaking through the all-time high of $7.76. TON continued to rise in the following hours, briefly breaking through the $8 resistance level.
After setting a new high, Toncoin fell back below $8. The price of TON fluctuated between $7.8 and $7.9 before restarting its rise to the second milestone within 24 hours.
The Telegram integrated token surged 5% on Friday to a new high of $8.15. This gain was 9% higher than the day before. Additionally, TON has gained 7.7% and 17.6% in the weekly and monthly timeframes, respectively.
The cryptocurrency community praised Toncoin's performance and emphasized that TON has remained strong despite the market slowdown. GeckoTerminal shared a list of the top 10 cryptocurrencies by market capitalization. Of these assets, TON is currently the only coin that has performed positively during the "last 7 days of carnage."
Performance of the top 10 cryptocurrencies over the past week. Source: CoinGecko
Is TON the new SOL?
Cryptocurrency analysts have taken note of TON’s recent performance, with many suggesting that double-digit targets could be achieved by the summer. Bullish sentiment toward TON has led several analysts, including Martinez and Daan Crypto, to set the token’s next target at a price range above $10.
Altcoin Sherpa said the token remains one of the “strongest charts in crypto.” The analyst previously said a breakout for TON was “only a matter of time.”
Likewise, some community members believe that Toncoin could become the new Solana (SOL). To some, the token is performing similarly to SOL in the previous cycle. Crypto trader ImNotTheWolf believes that “in terms of earnings potential, TON will become the new SOL.”
Another market observer highlighted the token’s strength in the market. WiseAnalyse believes that TON is “the only token that is performing strongly” due to its good real-life usage and adoption. According to NewsBTC, Toncoin recently surpassed Ethereum (ETH) in terms of daily active addresses. This achievement is attributed to its integration with Telegram and its 900 million user base.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
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