Toncoin (TON) Hits New ATH, Is $10 The Next Stop?

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As a seasoned crypto investor with a keen interest in following market trends and analyzing charts, I’ve been closely monitoring the recent surge of Toncoin (TON). I’ve witnessed firsthand its impressive performance this cycle, including setting new all-time highs twice on a single Friday and flipping Ethereum’s active users.

The Open Network’s native token, Toncoin (TON), has achieved exceptional gains during this market cycle. This week alone, the token reached new all-time highs (ATH) twice on Friday and surpassed Ethereum‘s current user base. Market analysts anticipate that this strong showing could pave the way for a potential surge toward the $10 price point.

Toncoin Sets New $8 All-Time High

As a crypto investor, I’ve been closely monitoring Toncoin (TON) following the insightful analysis from cryptocurrency expert Ali Martinez. He pointed out an ascending triangle pattern on TON’s chart, implying that this token is preparing for a significant surge. Based on his assessment, I believe TON could experience a 40% price increase, breaking above the $10 price range.

Thursdays night saw the token passing the $7.7 resistance point with success, reaching new heights above its previous all-time high of $7.76. Subsequently, TON persisted in its upward trend, momentarily breaching the $8 resistance threshold.

Following its achievement of a fresh all-time high, Toncoin dipped back under the $8 threshold. The cryptocurrency then fluctuated around the $7.8-$7.9 price zone prior to resuming its ascent and reaching another peak within a 24-hour period.

On Friday, the price of the Telegram-linked token jumped 5% to reach a new all-time high of $8.15. This rise marks a 9% gain compared to the previous day. Additionally, TON has experienced a 7.7% growth over the past week and a significant 17.6% increase during the last month.

In the crypto sphere, Toncoin’s accomplishments have been lauded for its impressive results. Notably, TON has emerged as the sole token displaying growth in the previous week’s market downturn. GeckoTerminal recently published a ranking of the top ten cryptocurrencies based on market capitalization. Among these assets, it is only TON that boasts positive gains amidst the recent market turmoil.

Is TON The New SOL?

Several crypto analysts have shown interest in TON‘s recent gains, with some predicting a double-digit value by summer. The optimistic viewpoint towards TON has led analysts like Martinez and Daan Crypto to set their next price objective for the token above $10.

The analysis from Altcoin Sherpa indicates that the token’s chart is particularly robust within the cryptocurrency market. Previously, this expert predicted that a significant price increase for TON was merely a question of when, rather than if.

Some individuals within the community hold the belief that Toncoin (TON) might follow a similar trajectory to Solana (SOL) based on its past performance. As expressed by crypto trader ImNotTheWolf, “TON could potentially match Solana’s previous gains.”

A market observer noted TON‘s resilience amidst the volatile market. According to WiseAnalyse, TON stands out as “the most robust chart in the market” due to its practical applications and increasing adoption. As per NewsBTC’s report, Toncoin has overtaken Ethereum (ETH) in terms of daily active addresses. This achievement is linked to TON’s alliance with Telegram and its massive user base of approximately 900 million individuals.

In their assessment, Unchained pointed out that The Open Network’s blockchain could potentially rival Solana due to its ambitious goal of surpassing Ethereum as a leading platform for smart contracts. According to the report, TON showcases impressive capabilities and enjoys strong community support, even amidst the noticeable difference in market position when compared to Solana.

In contrast to Solana, TON‘s daily active address count has surpassed Ethereum’s number in all but one day during June. Some observers speculate that TON may narrow the gap in market capitalization with Solana.

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2024-06-18 05:10