Toncoin (TON) has seen a surge in daily active users and a 103.93% increase in trading volume. The RSI is currently above 60, indicating a bullish trend for the cryptocurrency.
Developed by Telegram, Toncoin is standing out in the challenging altcoin market. Despite difficult conditions, Toncoin has risen by 8.60% in the past 24 hours, reaching $7.64. Analysts are optimistic, predicting a potential rise to $10 in the near future.
Despite the overall market decline, Toncoin has a market cap of over $18.5 billion, ranking ninth globally. Trading volume has spiked by 103.93% to $487 million in the last 24 hours. On June 5, 2024, Toncoin reached its all-time high at $7.78, just 3.35% below its current price, according to CoinMarketCap.
With support from Telegram’s 900 million user base, Toncoin’s network growth has surpassed Ethereum in daily active addresses, as reported by Delphi Digital on June 10. The cryptocurrency has surged by 600% from its lows in 2023, with 8 million active wallets due to increasing user and developer adoption. Santiment notes a bullish trend in social dominance and trading volume for TON in recent days, with the total value locked on the Toncoin blockchain reaching around $1 billion.
As the Relative Strength Index (RSI) stands at 63.80, indicating an overbought condition, the question remains whether the bullish momentum can help Toncoin reach its all-time high. If the price remains above $7.64 and continues to rise, the first major resistance level could be at $7.87, followed by a key resistance at $12. Failure to break above these levels could lead to a potential decline towards $4.60.
