- Toncoin rose to the top as the coin with the highest social and trading activity over the past 24 hours.
- It is worth evaluating whether these results may influence TON’s short- or long-term bullish outlook.
Could Toncoin be on the cusp of an interesting adoption phase and robust growth over the coming months? Well, the altcoin has gained popularity in 2024 thanks to TON’s focus on playing to win. However, things have calmed down on that front since then. And yet the latest rounds of data seem to suggest that potential enthusiasm could be building again.
According to LunarCrush Social Intelligence, Toncoin is on the verge of a resurgence of interest lately. This claim was supported by the fact that at press time it was the highest-ranked cryptocurrency in terms of social and market activity over the past 24 hours.
An increase in social activity often signals growing or renewed interest. However, will this observation also indicate a growing demand for Toncoin? Well, according to CryptoQuant, TON addresses have been on a positive growth trajectory over the past 12 months.
As a reminder, the network had 4.37 million addresses as of January 2024. Around 3.6 million of these addresses had a balance and the rest were zero balance addresses. CryptoQuant found that these addresses have since grown to 128.17 million, according to the latest data.
Source: In the block
TON grew to 104.24 million addresses with a balance and 23.93 million addresses with a zero balance. This observation confirmed the long-term growing demand for Toncoin. However, this does not indicate any correlation with the rise in social sentiment.
However, short-term price developments demonstrate a certain correlation. For example, the price has rebounded over the last 2 days after an overall bearish week. Toncoin fell 26% from its weekly high to its weekly low on Friday.
The cryptocurrency bottomed at $4.77 on Friday, followed by a 15% rise to its price level of $5.52 at press time. This corresponded to the surge in social sentiment.
Source: TradingView
Toncoin has also been trading in a long-term bull flag pattern for the past 6 months. This suggests that a long-term bullish breakout could be on the cards in 2025.
Some notable observations that could influence near-term price action include a decline in spot outflows since mid-December. This could pave the way for positive flows. This appears to correspond with the shift from negative to positive weighted funding rates over the past 24 hours.
source Coinglass
This also confirmed that the latest selling pressure resulted in a shift in sentiment towards accumulation after the discount.
This shift was also supported by increasing volumes in the derivatives segment. TON volume stood at $151.33 million on December 15, and the same amount climbed to $476.66 million in the last 24 hours.
Source: Coinglass
Robust and sustained volumes could contribute to a further recovery in the coming days. The bulls will likely be more dominant if the resumption of social activity attracts enough buying pressure.
