- Market sentiment around the token was bullish last week
- Technical indicators suggest a price rise in the coming days
After a week which saw Toncoin (TON) the price almost fell by double digits, its bulls finally took control. However, it is interesting to note that although the price movement of the coin remains volatile, its market adoption has increased significantly. Hence the question: will this be enough to drive up the price of the part further?
A Deep Dive into the Toncoin Ecosystem
IT Tech, a popular crypto analyst, shared a tweet highlighting some notable developments related to the Toncoin ecosystem. The tweet first mentions that Toncoin’s daily active addresses increased, reaching 3.8 million at the end of September from 2.2 million in August.
This clearly indicates a considerable increase in the usage and adoption of TON across the world.
Source:
Another notable development concerns whales. According to the tweet,
“The concentration of whales is particularly high in the TON ecosystem, with GOMINING and JETTON showing a concentration of 97%. Such dominance by large holders could influence market dynamics, impacting small investors and overall market fluidity.
Apart from this, the price action of the token has also remained quite stable. Despite market fluctuations, Toncoin’s market capitalization remained stable at $13.4 billion at the end of September. This reflects investor confidence and Toncoin’s strong positioning within the ecosystem, providing a sense of security amid volatility.
Will this help TON become bullish?
While all of this was happening, TON’s price fell by over 9% last week. And yet, the last 24 hours have been in favor of investors as Toncoin has seen a price increase of more than 1.8%. At the time of writing, the token was trade at $5.42.
Therefore, AMBCrypto planned to check the token’s on-chain data to find out if the growing adoption and other aforementioned factors were enough to support this bullish rally.
According to our analysis of Santiment data, Toncoin’s weighted sentiment remained in the positive zone for most of the last week. This meant that the bullish sentiment around the token was high. Its social dominance was also relatively high, reflecting the token’s popularity in the crypto space.
In addition to this, the supply of TON on the exchanges saw a massive decline. This indicates that investors bought the token in hopes of a sustained price rise in the coming days.
Source: Santiment
Read Toncoin (TON) Price Prediction 2024-25
We then checked the daily chart of TON to find out what market indicators were suggesting regarding a sustained bull rally.
According to our analysis, TON price has touched the lower limit of the Bollinger bands. Whenever this happens, it means the chances of a northward rally are high. If this actually happens, then TON could first target $6.8.
However, if the bears take over, the token’s price could drop to $4.4 on the charts.
Source: TradingView
