Toncoin Surges Again: Can It Break the $10 Mark?

Toncoin Surging Despite Bearish Market

Toncoin making a buzz in the market, bouncing back from its lower support level. The market is in fear, Bitcoin is red, and big whales are selling BTC but TON is standing strong in the tough market. The crypto price advanced back to $7.53 after touching the low of $6.45 recently.

Toncoin On-Chain Data Analysis 

According to Santiment data, the social metrics of TON are surging, showing that it has good engagement on social platforms like X, Reddit, and Telegram, receiving a significant number of mentions, and posts, and being part of discussions.

Furthermore, the Total Value Locked (TVL) has also increased since the beginning of the year, indicating that investors have confidence in the Toncoin ecosystem.

The User transaction count is 619,137,359 with 77.60 transactions per second speed and the address count was also in the growing mode, currently stands at 38,417,209 suggesting a bullish indication. 

Ton Coin on the Technical Chart 

At the time of writing TON price was trading at the level of $7.516 with an intraday surge of 4.09% according to TradingView data. 

Currently, TON's market cap stands at the level of $18,816,226,985 and the 24-hour trading volume was $300,966,677. Moreover, the 24-hour volume to market cap ratio was 2.53% suggesting good liquidity in the Toncoin.

Currently, the TON price bouncing back from the 50-EMA level showcasing bullishness on the daily technical chart.

The RSI curve is trading at 51.19 and heading in the upward direction showing bullish signs. 

Since the beginning of the year, Toncoin has given outstanding returns to investors. Year to date the TON gave an impressive return of 223.36% and in the last 6 months, it gave a return of 241.28% showcasing a bullish trend for TON in the long term.

According to the technical summary from TradingView out of 26 indicators 3 are on the sell side, 9 are on the neutral side and 14 are on the buy side. The overall weightage is on the bullish side suggesting bullish momentum in the TON.

If the TON price continues the bullish momentum and breaks the $8 level in the upcoming sessions then it could break the $10 mark in the upcoming sessions.

Conclusion

Toncoin's recent price surge amidst a fearful market landscape underscores its resilience and potential for growth. Despite the broader market downturn, with Bitcoin in the red and significant sell-offs by large holders, TON has demonstrated strength, rebounding from its support level and advancing to $7.53.

The on-chain data and social metrics reflect growing confidence in the Toncoin ecosystem, with increasing Total Value Locked (TVL) and user transaction counts signaling a bullish sentiment. 

Also Read: Will Bitcoin (BTC) Price Break Below $50,000 Mark