Toncoin (TON) has recently achieved a significant milestone, with the TON Masterchain recording a record high of 946 daily active addresses—a sevenfold increase since July 2021. This surge in network activity, highlighted by Kyledoops on X (formerly Twitter), reflects a broader expansion within the TON ecosystem, including the growth of decentralized applications (dApps) and work chains, as well as a rising demand for Toncoin.
Despite this impressive growth, some analysts have expressed concerns that the TON blockchain might be a bubble, citing its relatively low daily active user count. However, broader market metrics suggest otherwise, indicating strong potential for long-term sustainability and growth.
Toncoin has demonstrated considerable strength in the market, particularly on the weekly TON/USDT chart. The chart reveals a bullish reversal candle with a long tail, signaling increased buying pressure. This bullish sentiment is further supported by growing trading volumes over recent weeks.
Moreover, the tightening of Bollinger Bands on the chart indicates that TON could be primed for a breakout, with a potential upside move being the most likely scenario. On the daily chart, Toncoin is approaching a critical resistance level at the 100 simple moving average (SMA). Once TON breaks through this level, it could sustain its upward momentum.
Market analysts are predicting a potential 50-60% bullish wave for Toncoin in the near future, with a target price of $10 per TON appearing realistic. This suggests that Toncoin could be gearing up for significant gains as investor confidence grows.
The broader altcoin market is also showing signs of a breakout, particularly after recent retracements formed a bull flag—a pattern typically associated with impending bullish runs. The market is anticipating a robust altcoin season, with new tokens like DOGS, created by Telegram CEO Pavel Durov, already contributing to liquidity in the TON ecosystem.
Global liquidity is another factor that could propel Toncoin and other altcoins to new heights. Data from the Bitcoin Strategy Platform indicates that liquidity has surged to over $80 trillion, which, combined with USDT minting, could lead to substantial gains for TON and other crypto assets in late Q3 or early Q4 of 2024.
As of the latest data, Toncoin’s market cap stands at $16.82 billion, with a fully diluted market cap of $34 billion. Trading volume in the past 24 hours reached $227 million, with a volume-to-market cap ratio of 1.4%, indicating robust liquidity. The circulating supply of TON is currently 2.53 billion out of a total supply of 5.1 billion tokens.
With these factors in play, Toncoin’s market performance is poised for a strong trajectory, though whether it can sustain this growth or if it’s heading towards a bubble remains to be seen. Investors and traders should keep a close watch as the market continues to evolve.