Toncoin (TON) is at a critical juncture. Approximately 21% of Toncoin’s (TON) holders are currently at the break-even level, where they initially acquired the token.
Data from IntoTheBlock shows that within the last 30 days, 29% of all holders have increased their TON holdings.
This percentage surpasses the number of individuals who invested in cryptocurrency a year ago. Over the last month, TON’s value has surged by 22.09%, resulting in profits for some recent market entrants.
However, the last week has been tough for Toncoin, with a 1.91% price drop. Despite this, the 29% who recently bought TON may hold onto their tokens. They might be encouraged by TON's strong yearly performance.
CryptoCrypto's reports suggest that the current price of $6.39 could act as a solid support level. If this support holds and bearish trends don't dominate, TON might rise to $7.50.
There is a general expectation that TON's price could go up further.
At the current price level of $6.39, there is a belief that this could serve as solid support for the token. If bearish trends do not prevail, TON could potentially reach $7.50.
This optimistic view is shared by many in the crypto community, including tokenomics researcher Shiveen Moodley. He compares TON's performance with other major cryptocurrencies and predicts long-term growth
Moodley’s views align with CryptoCrypto's previous observations regarding Toncoin’s correlation with Bitcoin (BTC) and Ethereum (ETH).
According to him, Toncoin’s supply, active user base, and links with Telegram could help the token hit more upside. He noted in his analysis via CryptoQuant that
“Currently, with a supply of 5 billion coins and an inflation rate of 2 percent, leading to an estimated 10 billion coins in 35 years, steady price increases are likely in the long run.”
On May 23, Telegram announced it would release a digital currency for its platform.
Given Telegram's connection to Toncoin, there is speculation that TON might be involved. If true, this could boost activity on the ton crypto network and increase demand for the token. This might push ton expected price to $10 quickly.
Challenges and Future Prospects
However, data from Santiment indicates a decline in activity on the Toncoin network.
As of now, the 24-hour active addresess have dropped to 356.
This is the same level the metric was at before the price surged to $7.45 in May. While a repeat of that surge might not be guaranteed, an increase in network activity could set the stage for another rally.
Toncoin’s price might fluctuate between $5.90 and $6.40, which is important for traders and investors.
The expected price relies heavily on market movements and investor confidence. If network activity increases and more holders decide to keep their tokens, the Ton crypto network will experience a huge rally.