The native cryptocurrency of The Open Network, a Layer-1 blockchain, Toncoin (TON), has recently surged, reaching a record high. As of the publication, Toncoin’s market capitalization has surged to $18.5 billion, placing it the ninth largest cryptocurrency, with a price increase of 8.53% to $7.64.
With the formation of a golden cross, Toncoin challenges Dogecoin
The 50-day moving average indicator for TON has crossed the 200-day indicator on the technical chart pattern, creating a golden-cross pattern that suggests the altcoin may be on the verge of a long-term rise. Given this golden-cross pattern, the outlook for TON in the market has become more optimistic.
The RSI indicator is likewise positive around 62 levels, as the accompanying chart illustrates, suggesting more upside potential before it reaches the overbought zone. Furthermore, for the previous five days, TON’s social volume and social dominance have also become positive. This spike in social indicators frequently precedes the market rally.
Simultaneously, the overall number of TON holders has grown, indicating investors’ trust. The price of TON is currently facing immediate resistance on the upside at $8.0. After it crosses that mark, more bullish activity might trigger a run to $10 and higher.
Robust expansion of the network
Due to the increasing number of DeFi developers joining the platform, the Toncoin blockchain network has experienced robust network growth. Moreover, the Toncoin blockchain’s total value locked (TVL) has approached $1 billion.
The number of active Toncoin wallets has also increased significantly, from 1.28 million at the start of 2024 to over 8 million. In addition, Toncoin has dramatically increased its market capitalization and gained traction in the tap-to-earn space, where it now competes with Notcoin, a $1.8 billion network with over 30 million users.
TapSwap is a major player in the Toncoin ecosystem, with 49 million users worldwide. Its next airdrop also aims to increase user participation by making token conversions to fiat easier.
