The TON blockchain development team has recently deployed a vital upgrade, v2024.10. They have also made improvements in FunC 0.4.5 to mitigate and fix essential network risks and optimize the functionality of the TON ecosystem.
These updates are intended to enhance the stability of the TON blockchain. This has led other market participants to evaluate whether or not there is a possibility for a Toncoin price rally. Some are even speculating that the upgrades might be able to push the price to almost $10.
Key Updates Target Network Efficiency and Security
The new update of the TON blockchain includes several technical enhancements aimed at increasing the rate and improving the security of the network. The network has also improved its sync and garbage collection with the release of v2024.10 which is quite helpful for the systems that use the slower disks.
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These enhancements are intended to improve the general speed and efficiency of the TON network. This would allow the network to process a greater amount of data.
In addition, the update reduces the rate at which data is sent through the network further. This results in decreased network traffic. So it results in improved efficiency but at the same time may lead to cheaper transaction fees to users.
Enhanced Responsiveness Through New Channel and DHT Improvements
The update also improves the creation of channels and Distributed Hash Table (DHT) lookup, two important features involved in the functioning of the TON system. The response time of the blockchain has been enhanced by improving the process of creating channels and searching DHT entries.
Faster channel creation and DHT lookup are therefore likely to result in quicker and more efficient transactions. Users are likely appreciative of these benefits. In addition, a bug fix in FunC, the smart contract programming language of TON, is designed to enhance code performance on the blockchain.
These updates do not only increase the capability of the network but also increase the security as better code execution minimises the chances of occurrence of errors that may lead to creation of loopholes.
Toncoin Price Technical Analysis
With Toncoin currently trading around $4.50, technical indicators suggest that the asset is at a pivotal support level. According to the TON Price Heat Map that reflects the price dynamics in the last year, the Toncoin price is near the critical support level.
As a result, the price of TON has dipped beneath this moving average only in bear markets; as such, the current price level might be a good entry point for long term investors.
There are also a trendline that has been pointing upwards and has provided support to Toncoin’s price since July 2024.
If this asset stays above this trendline, the bulls may come into play and a rally may occur. On the bullish side, the price may try to close the “Fair Value Gap” between $4.20 and $4.90. Any further rise above this zone might open the door to a further increase to the $6.50 level and a possibly to $10.
Toncoin: Majority of Holders ‘Out of the Money’
At the time of writing, 84.61% of Toncoin holders are “Out of the Money.” This means that they bought TON at a price that is higher than its present value.
There is a possibility that this large percentage of holders may be in a loss position. That they may decide to sell as soon as the price approaches their buy price.
Conversely, around 9.68% of holders are ‘In the Money.’ It means they bought at a price which is less than the current market price. Another 5.71% of holders can be classified as “At the Money” meaning that they most likely purchased the tokens close to the current price and may not be inclined to sell in the short term.
For a sustainable price surge, Toncoin has to clear the resistance levels between $4.94 and $5.11. A move beyond this range over the long-term could stimulate additional demand, especially from investors who have warm feelings about TON’s upgraded network and believe that this is a good thing for the future.
