Toncoin (TON) has daily active users surpassing Ethereum, driving a price prediction of $10.
The native token of the Open Network, Toncoin (TON), has dropped by 12% in the past week, following the overall market adjustment led by Bitcoin (BTC) from its recent all-time high of $7.76.
However, despite the temporary setback, the optimistic sentiment surrounding TON and its network has led cryptocurrency analysts to speculate that this stagnant upward trend may continue, with some even predicting that the TON price will break current record levels and reach double digits.
Crypto analysis firm has made an interesting observation that the daily active addresses of TON have surpassed Ethereum (ETH) for the first time. The surge in activity is attributed to Telegram's massive user base of 900 million behind TON's social media platform. Delphi Digital realizes that TON's success is dependent on leveraging Telegram's distribution capabilities.
In a recent social media post, a renowned analyst known as the 'King of Cryptocurrency' and decentralized finance (DeFi) recommended that newcomers explore TON, emphasizing its ultra-fast and user-friendly blockchain infrastructure.
The analyst also emphasized the credibility of the TON development team, which is the same team behind Telegram. Crypto King believes that the price of TON may soar significantly and reach $10 in the coming weeks.
Market expert Alex Clay also holds a similar view, pointing out that despite the market downturn, TON maintains a bullish structure and is expected to achieve double-digit growth. Clay suggests that TON could reach $10, with short-term target prices possibly at $10.5 and $11.6. Clay also mentioned the presence of a daily cup handle pattern, which further enhances the optimistic outlook for TON.
Token Terminal data reveals key indicators that suggest a long-term bullish outlook for the TON blockchain. Over the past 30 days, the fully diluted market capitalization has grown by 3.6%. However, the token's volume has declined by 11.6% during the same period.
On the other hand, the number of token holders has increased by 76.3%. In terms of revenue and expenses, there has been a positive growth of 26.0% each in the past 30 days. Interestingly, the active user base of the TON network has grown by 245.1%, with approximately 5.42 million monthly active users.
Despite positive growth in all indicators over the past 30 days, the price of Toncoin has fallen by 3% during the same period, resulting in the current trading price of $6.82. In the short term, bullish investors need to closely monitor the recent support level of $6.80 to effectively prevent further token decline. On the other hand, the recent resistance level is $7.53, which is the last obstacle Toncoin may retest before reaching its historical high.
(Data Source: Ronaldo Marquez)
