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Toncoin (TON) has reached a new all-time high of $7.64, driven by a golden cross formation and robust on-chain data, signaling a potential rise to $10.
Toncoin's Golden Cross Formation and Robust On-Chain Data Propel Price Rally Towards $10
The technical chart for Toncoin shows a golden cross formation, in which the 50-day moving average has surpassed the 200-day moving average. According to CoinGape, robust on-chain data supports the Toncoin price rally, which is expected to continue as it approaches $10.
Toncoin (TON), the native cryptocurrency of The Open Network Layer-1 blockchain, has reached a new all-time high. Its price is currently $7.64, representing an 8.53% increase. Its market capitalization is $18.5 billion, making it the ninth-largest cryptocurrency by market size.
The 50-day moving average indicator for Toncoin has crossed the 200-day indicator on the technical chart pattern, forming a golden cross pattern that suggests the possibility of a long-term uptrend for the altcoin and hints at a promising future. In light of this golden cross formation, the market sentiment for TON has shifted to a favorable state, instilling a sense of optimism in potential investors and stakeholders.
The chart above shows that the RSI indicator is also favorable at 62 levels. Consequently, there is additional potential for growth before it reaches the overbought region. TON's social volume and dominance have also exhibited a favorable trend over the past five days. This increase in social metrics frequently precedes the market rally.
At the same time, the aggregate number of TON holders has surged, indicating a growing interest and confidence among investors. The Toncoin price is facing imminent resistance on the upside at $8.0. Further bullish behavior could trigger a rally to $10 or higher once it surpasses that threshold, presenting exciting investment opportunities and a promising growth potential for Toncoin.
Toncoin's DeFi Growth and Soaring Wallet Numbers Drive Network Expansion and Investor Confidence
The Toncoin blockchain network has experienced substantial growth due to the increasing number of DeFi developers who have joined the platform. The Toncoin blockchain has nearly $1 billion in total value locked (TVL).
Moreover, the number of active Toncoin wallets has skyrocketed, from 1.28 million at the beginning of 2024 to over 8 million, a clear testament to the growing confidence in Toncoin. Furthermore, Toncoin has made significant strides in the tap-to-earn sector, where it competes with platforms such as Notcoin, which has a market capitalization of $1.8 billion and a user base of over 30 million. This robust network activity and user base should inspire confidence in potential investors and stakeholders.
TapSwap, which boasts a global user base of 49 million, is a significant contributor to the Toncoin ecosystem. Additionally, the forthcoming airdrop is designed to increase user engagement by simplifying converting tokens to fiat.
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