TON price has gradually been shrinking in the past two weeks after reaching its all-time high of around $7.63 earlier this month.
The notable rise of the Toncoin (TON) is heavily bolstered by the Telegram social network and the dozen web3 partnerships including recently with Tether USDT.
Toncoin (TON), a fast-growing layer-one blockchain backed by the Telegram social platform, has been making headlines in the recent past amid the anticipated parabolic crypto bull run. The large-cap altcoin, with a fully diluted valuation of about $26.6 billion and a daily average traded volume of around $249 million, has grown to a vibrant web3 ecosystem backed by reputable investors including DWF Labs.
For instance, the Fragment platform on the Toncoin network enables Telegram users to seamlessly auction their usernames via TON. Additionally, Fragment platform users can purchase anonymous numbers to use on Telegram, purchase premium subscriptions, and manage ad services with ads.
As Crypto News Flash recently reported, the Telegram platform is gradually outshining its peers including X and Meta platforms through its bid to transition to a web3 ecosystem. Furthermore, Telegram intends to engage its more than 900 million users with tap-to-earn GamiFi meme coins and other rewards not available on other platforms.
As of this report, the Toncoin network had a total value locked (TVL) of about $151 million from its dozens of web3 projects led by STON.fi DEX, and Tonstakers, among others.
Closer Look at On-chain Metrics for the Toncoin Project
After being trapped in a market correction in the past two weeks, down 30 percent, Toncoin holders have shown enthusiasm for price reversal. Furthermore, market data provided by Santiment shows the mean age for Toncoin has been suggesting investors are leaning towards further holding.
Additionally, the differential between daily average addresses (DAA), an indicator that compares the daily average number of addresses transacting with a cryptocurrency against its price movement, recently flashed a buy signal. Moreover, there is a notable increment in the Toncoin network activity following recent developments including the fourth Bitcoin halving that has historically triggered the parabolic bull phase.
TON Price Primed for New ATH Soon
Toncoin price has been under a bullish outlook in the past few weeks after the altcoin entered price discovery. Notably, TON’s price has remained under the radar of more investors since it displaced Cardano (ADA) in the top ten list of most valuable digital assets.
After reaching its ATH above $7.6 in the past two weeks, TON’s price has been trapped in a market correction, similar to the rest of the altcoin industry. Nonetheless, TON bulls are expected to take over soon after gathering momentum in the past few days.
However, the TON price against the US dollar must defend the support level around $5.23 to avoid further capitulation in the coming weeks. Furthermore, the daily 50 Moving Average (MA) has acted as a strong support level in the past few months.
According to the latest market data, TON’s price is down 31 percent from its ATH to trade around $5.24 on Thursday, April 25, 2024.
