Toncoin (TON), the native cryptocurrency of the Layer-1 blockchain – The Open Network – has given a recent breakout hitting a brand new all-time excessive. As of press time, the Toncoin price is buying and selling 8.53% up at $7.64 with its market cap capturing at $18.5 billion which makes it the ninth largest cryptocurrency.
Toncoin Challenges Dogecoin With Golden-Cross Formation
On the technical chart sample, the 50-day transferring common indicator for Toncoin has crossed the 200-day indicator thereby forming a golden-cross sample indicating the potential for a long-term uptrend for the altcoin. Considering this golden-cross formation, the market sentiment for TON has turned bullish.
As we will see within the above chart, the RSI indicator can also be favorable at 62 ranges, thereby exhibiting additional room for the upside earlier than it enters into the overbought territory. Moreover, the social quantity and social dominance for TON have additionally turned bullish over the previous 5 days. This surge within the social metrics usually precedes the market rally.
At the identical time, the entire variety of TON holders has elevated exhibiting confidence among the many buyers. Currently, the quick resistance on the upside for the Toncoin value is $8.0. Once it crosses that stage, additional bullish motion can result in a rally to $10 and above.
Strong Network Growth
The Toncoin blockchain community has seen robust community progress by attracting increasingly DeFi builders to the platform. Furthermore, the total value locked (TVL) on the Toncoin blockchain has reached near $1 billion.
There’s additionally been a dramatic surge within the lively Toncoin wallets from 1.28 million originally of 2024, to now at over 8 million. Furthermore, Toncoin has made substantial features within the tap-to-earn sector competing with platforms like Notcoin which has over 30 million customers with a market cap of $1.8 billion.
One of the important thing contributors to the Toncoin ecosystem is TapSwap having a world person base of 49 million. Furthermore, its upcoming airdrop seeks to spice up person engagement by facilitating token conversions to fiat.
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