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Home Altcoins

Toncoin (TON) Flips Ethereum In Daily Active Users, Fueling $10 Price Target Predictions

June 11, 2024
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Toncoin (TON) Flips Ethereum In Daily Active Users, Fueling $10 Price Target Predictions
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Toncoin (TON), the native token of The Open Network, experienced a 12% price drop from its recent all-time high of $7.76 over the past week, following the overall market correction led by Bitcoin (BTC). 

However, despite the temporary setback, the optimistic sentiment surrounding TON and its network has led crypto analysts to speculate on a potential continuation of the halted uptrend, with some even predicting a surge beyond the current record levels toward double-digit territory.

Setting The Stage For $10 Price Target

Crypto analysis firm Delphi Digital made an intriguing observation, noting that TON’s daily active addresses have surpassed those of Ethereum (ETH) for the first time. 

Related Reading

This surge in activity is attributed to the substantial 900 million user base of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON’s success hinges on leveraging Telegram’s distribution capabilities. 

Toncoin
Ethereum (green) and TON’s (blue) daily active addresses. Source: Delphi Digital

In a recent social media post, renowned crypto and decentralized finance (DeFi) analyst known as “Crypto King” recommended newcomers to explore TON, highlighting its super-fast and user-friendly blockchain infrastructure. 

The analyst also emphasized the credibility of TON’s development team, which is the same team behind Telegram. Crypto King believes TON could experience a significant price spike, potentially reaching as high as $10 in the coming weeks.

Market expert Alex Clay shares a similar viewpoint, noting that despite the market downturn, TON maintains its bullish structure and is poised for double-digit gains. 

According to Clay, TON is on track to reach $10, with the potential for short-term targets of $10.5 and $11.6. Clay also mentions the presence of a Daily Cup & Handle pattern, further bolstering the positive outlook for TON.

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Toncoin Price Dips Despite Favorable Market Metrics

Token Terminal data reveals notable figures for TON’s blockchain by examining key metrics that indicate bullishness over the long term. The fully diluted market cap has seen a 3.6% increase over the past 30 days. However, trading volume for the token has decreased by 11.6% over the same period. 

Toncoin
TON’s market cap and monthly active user performance in the 180-day time frame. Source: Token Terminal

On the other hand, the number of token holders has witnessed a significant surge of 76.3%. In terms of revenue and fees, there have been positive increases of 26.0% and 26.0% respectively over the past 30 days. 

Interestingly, the active user base on TON’s network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users.

Related Reading

Toncoin
The 1-D chart shows TON’s price correction made over the past week. Source: TONUSD on TradingView.com

Despite the positive growth seen in various metrics over the past 30 days, Toncoin has experienced a 3% decrease in price during the same timeframe, resulting in a current trading price of $6.82. 

In the short term, bullish investors will need to closely monitor the nearest support level at $6.80, effectively preventing the token from further declining to lower levels. Conversely, the nearest resistance level is $7.53, representing the last obstacle before a potential retest of Toncoin’s all-time high.

Featured image from DALL-E, chart from TradingView.com 

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Toncoin (TON), the native token of The Open Network, experienced a 12% price drop from its recent all-time high of $7.76 over the past week, following the overall market correction led by Bitcoin (BTC). 

See also  Is Blast the next big thing? Data suggests...

However, despite the temporary setback, the optimistic sentiment surrounding TON and its network has led crypto analysts to speculate on a potential continuation of the halted uptrend, with some even predicting a surge beyond the current record levels toward double-digit territory.

Setting The Stage For $10 Price Target

Crypto analysis firm Delphi Digital made an intriguing observation, noting that TON’s daily active addresses have surpassed those of Ethereum (ETH) for the first time. 

Related Reading

This surge in activity is attributed to the substantial 900 million user base of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON’s success hinges on leveraging Telegram’s distribution capabilities. 

Toncoin
Ethereum (green) and TON’s (blue) daily active addresses. Source: Delphi Digital

In a recent social media post, renowned crypto and decentralized finance (DeFi) analyst known as “Crypto King” recommended newcomers to explore TON, highlighting its super-fast and user-friendly blockchain infrastructure. 

The analyst also emphasized the credibility of TON’s development team, which is the same team behind Telegram. Crypto King believes TON could experience a significant price spike, potentially reaching as high as $10 in the coming weeks.

Market expert Alex Clay shares a similar viewpoint, noting that despite the market downturn, TON maintains its bullish structure and is poised for double-digit gains. 

According to Clay, TON is on track to reach $10, with the potential for short-term targets of $10.5 and $11.6. Clay also mentions the presence of a Daily Cup & Handle pattern, further bolstering the positive outlook for TON.

Toncoin Price Dips Despite Favorable Market Metrics

Token Terminal data reveals notable figures for TON’s blockchain by examining key metrics that indicate bullishness over the long term. The fully diluted market cap has seen a 3.6% increase over the past 30 days. However, trading volume for the token has decreased by 11.6% over the same period. 

See also  Gaming corners 62% of active wallets in 'Uptober' as DappRadar reveals wall of bullish metrics
Toncoin
TON’s market cap and monthly active user performance in the 180-day time frame. Source: Token Terminal

On the other hand, the number of token holders has witnessed a significant surge of 76.3%. In terms of revenue and fees, there have been positive increases of 26.0% and 26.0% respectively over the past 30 days. 

Interestingly, the active user base on TON’s network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users.

Related Reading

Toncoin
The 1-D chart shows TON’s price correction made over the past week. Source: TONUSD on TradingView.com

Despite the positive growth seen in various metrics over the past 30 days, Toncoin has experienced a 3% decrease in price during the same timeframe, resulting in a current trading price of $6.82. 

In the short term, bullish investors will need to closely monitor the nearest support level at $6.80, effectively preventing the token from further declining to lower levels. Conversely, the nearest resistance level is $7.53, representing the last obstacle before a potential retest of Toncoin’s all-time high.

Featured image from DALL-E, chart from TradingView.com 

Tags: activeDailyEthereumflipsfuelingpredictionsPriceTargetTONToncoinUsers

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Ethereum crosses $3.2K as L2 crosses new milestone: What now?

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