Toncoin’s Bullish Trends and Network Growth: Will TON Reach a New ATH?

• The Toncoin (TON) network has experienced remarkable growth, attracting numerous users and driving interest in the token.
• The price of TON recently witnessed substantial gains, reaching its all-time high before showing signs of slowing down.
• Despite the price growth, there have been noticeable decreases in network activity and token velocity.

Discover the latest developments in the Toncoin network, including its price movements, network growth, and future outlook.

Toncoin’s Recent Price Surge

Ton’s network activity saw a notable increase, mirrored by a significant rise in its price. The token recently hit an all-time high (ATH) of $8.24. However, it has since retracted slightly, trading at 5.76% below its peak.

This rapid price increase has bolstered investor confidence in TON. Should the token re-test its $8.24 resistance level successfully, it may pave the way for new ATHs in the future.

Price Trends Since May

From the start of May, TON’s price has shown an upward trend characterized by a series of higher highs and higher lows, signaling a bullish market. Despite this, certain indicators suggest a potential shift in momentum.

For instance, the Relative Strength Index (RSI) for TON dropped below 49.51, indicating a decrease in bullish momentum. Similarly, the Chaikin Money Flow (CMF) also declined, reflecting a slowdown in capital inflow into the token.

In contrast, the Awesome Oscillator (AO) remained elevated, suggesting ongoing buying pressure in the market.

On-Chain Metrics and Network Activity

Analysis of Santiment’s data indicates a decline in TON’s network growth, suggesting fewer new addresses are purchasing the token at current prices. Moreover, the token’s transaction velocity has decreased, pointing to a drop in trading frequency.

Despite these mixed signals, TON’s network infrastructure has seen substantial advancement. The introduction of Tether (USDT) on the Ton network in April led to a massive increase in USDT’s circulating supply, reaching $580 million—a 76% surge within a month.

This influx has positioned TON as a key player in the stablecoin market, making it the sixth largest network for USDT circulation. Concurrently, the network experienced a 300% increase in daily active users, reaching a record high of 632,000.

Conclusion

While TON’s recent price movement and network metrics present a mixed outlook, its infrastructure growth and increasing user activity highlight its potential for future developments. Investors should stay informed about these dynamics to understand the evolving landscape and potential opportunities within the Toncoin ecosystem.