Toncoin (TON) Hits New ATH, Is $10 The Next Stop?
June 17 2024 - 10:00PM
NEWSBTC
Toncoin (TON), the native token of The Open Network, has had one of
the best performances this cycle. The token has hit a new all-time
high (ATH) twice this Friday and flipped Ethereum’s active users
this week. Market watchers believe this breakout and recent
performance could set the stage for a rally toward the $10 mark.
Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite
Insider Trading Activity Allegations Toncoin Sets New $8 All-Time
High Crypto analyst Ali Martinez recently said Toncoin was on the
verge of a major breakout. The analyst highlighted the ascending
triangle pattern on TON’s chart and suggested the token was gearing
up for a 40% breakout above the $10 price range. On Thursday night,
the token successfully tested the $7.7 resistance level, surpassing
its all-time high of $7.76. TON continued its uptrend in the
following hours, briefly breaking above the $8 resistance level.
After setting its new ATH, Toncoin retraced below the $8 mark. TON
hovered between the $7.8 and $7.9 price range before restarting its
rise to a second milestone in 24 hours. On Friday, the
Telegram-integrated token soared 5% to its new ATH of $8.15. This
surge represents a 9% increase from the day before. Moreover, TON
displays a 7.7% and 17.6% increase in the weekly and monthly
timeframes. The crypto community praised Toncoin’s performance,
highlighting TON’s green numbers amid the market slowdown.
GeckoTerminal shared the list of the top 10 cryptocurrencies by
market capitalization. Among the assets, TON is currently the only
token with a positive performance in the “last 7 days carnage.” Is
TON The New SOL? Crypto analysts took notice of TON’s recent
performance, with many believing that a double-digit target for the
summer is possible. The bullish sentiment toward TON has made
several analysts, including Martinez and Daan Crypto, set their
next target for the token above the $10 price range. Altcoin Sherpa
said the token remains one of the “strongest charts in crypto.” The
analyst had previously stated that TON’s breakout was “just a
matter of time.” Similarly, some community members think Toncoin
could be the new Solana (SOL). To some, the token’s performance
resembles SOL’s in the previous cycle. Crypto trader ImNotTheWolf
believes “TON will become the new SOL, in terms of gains
potential.” Another market watcher highlighted the token’s strength
amid the market. WiseAnalyse suggested TON is “the only strong
chart out there” because of its real-life use and adoption. As
reported by NewsBTC, Toncoin recently surpassed Ethereum (ETH) in
daily active addresses. This feat was attributed to its integration
with Telegram and its 900 million user base. Related Reading:
Solana Set To Soar? Analyst Predicts Over 50% Surge For SOL If This
Key Support Holds Unchained weighed in on the matter, stating that
The Open Network blockchain might be next Solana by “virtue of
challenging historical smart contract leader, Ethereum.” The report
highlights TON’s performance and the community’s optimism despite
its gap with Solana: While lagging behind Solana, TON’s daily
active addresses have exceeded Ethereum’s figures every day except
for one thus far in June. Some believe TON could close the distance
in market cap with Solana. Featured Image from Unsplash.com, Chart
from TradingView.com
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