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



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.

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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. 

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. 

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

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. 

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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 

Go to Source
Author: Ronaldo Marquez


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