Toncoin (TON), the native token of The Open Network, saw a 12% price drop from its recent all-time high of $7.76 over the past week, following the overall decline. 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 possible continuation of the halted uptrend, with some even predicting a rise beyond the current record levels. into double-digit territory.
Setting the stage for a $10 price target
crypto analysis company Delphi Digital made an intriguing observation: x.com/ton_blockchain/status/1800546288314052645″ target=”_blank” rel=”nofollow”>observing that TON's daily active addresses have surpassed those of ethereum (eth) for the first time.
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This increase in activity is attributed to the significant 900 million user base of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON's success depends on leveraging Telegram's distribution capabilities.
In a recent social network x.com/cryptosanthoshK/status/1800540378501947676″ target=”_blank” rel=”nofollow”>mailRenowned cryptocurrency and decentralized finance (DeFi) analyst known as “crypto King” recommended newcomers explore TON, highlighting its super-fast and easy-to-use blockchain infrastructure.
The analyst also emphasized the credibility of the TON development team, which is the same team behind Telegram. crypto King Believes TON Could See a Major price increasepotentially reaching up to $10 in the coming weeks.
Market expert Alex Clay shares a similar opinion. x.com/cryptclay/status/1800211727927345391″ target=”_blank” rel=”nofollow”>point of viewnoting that despite the market slowdown, 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 near-term targets of $10.5 and $11.6. Clay also mentions the presence of a Daily Cup & Handle pattern, further reinforcing the positive outlook for TON.
Toncoin Price Falls Despite Favorable Market Metrics
Token terminal data reveals notable figures for the TON blockchain by examining key metrics that indicate long-term optimism. The fully diluted market capitalization has seen an increase of 3.6% in the last 30 days. However, the token's trading volume has decreased by 11.6% during the same period.
On the other hand, the number of token holders has witnessed a significant increase of 76.3%. In terms of revenue and commissions, there have been positive increases of 26.0% and 26.0% respectively in the last 30 days.
Interestingly, the active user base on the TON network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users.
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Despite the positive growth seen across several metrics over the past 30 days, Toncoin has seen a 3% decline in price over the same time period, resulting in a current trading price of $6.82.
In the short term, bullish investors will need to closely monitor the current situation. support level to $6.80, effectively preventing the token from falling further to lower levels. On the contrary, the closest resistance level is $7.53, which represents the last hurdle before a possible retest of Toncoin's all-time high.
Featured image of DALL-E, chart from TradingView.com
