Toncoin experienced a rally, pushing its native token TON’s price up by around 15% in the last two days, hitting $2.35 on January 15.
Instead of jumping to conclusions about what might have caused this surge, let’s examine the coin’s technical aspects and on-chain metrics. This analysis will help us understand potential price changes in the upcoming sessions.
Toncoin’s Resistance Challenge and Development Activity
Toncoin is facing a notable hurdle on its chart, encountering a resistance barrier in the range of $2.35 to $3.45. Despite multiple attempts, the token has struggled to convincingly surpass this resistance. Although TON’s price has momentarily exceeded the mentioned barrier, the lack of substantial support from Toncoin bulls has led to retracements each time.
Toncoin price rally. Source:Â TradingView
Adding to the considerations, data from Defi tracker Defi Llama indicates a recent decline in TON’s development activity. Notably, the number of commits and core developers has decreased since early December. This decrease could potentially result in a diminishing upside bias among investors toward the TON token.
Toncoin commits and developers. Source: DeFiLlama
RedStone Oracles Integrates with TON Blockchain
In a notable development announced on January 12, RedStone Oracles successfully integrated with the TON Blockchain, aiming to bolster its capabilities, particularly in the realm of decentralized finance (DeFi).
RedStone Oracles integration with Toncoin Blockchain. Source: X
The integration process posed unique challenges, primarily stemming from TON’s distinct network characteristics and the intricacies of its programming language, FunC. RedStone overcame these challenges by adapting its data structures and introducing a novel approach to data transmission, tailored to accommodate TON’s specific constraints.
FunC, the programming language employed by TON, differs significantly from more commonly used languages like Solidity or Rust. Notably low-level, FunC’s data structures present inherent limitations. To construct intricate data structures, developers rely on fundamental elements such as tuples, large integers (up to 257 bits), and ‘cells’—a distinctive but complex component in TON’s programming.
RedStone’s Future Plans and Toncoin’s Outlook
Moving ahead, RedStone has ambitious plans, focusing on building a robust relayer system. Additionally, the project aims to create smart contract templates and expand data feeds to foster the growth of decentralized finance (DeFi) on the TON Blockchain. As an oracle, RedStone will play a crucial role in supporting TON’s DeFi ecosystem by providing live price data for assets, enhancing the efficiency of decentralized applications (dApps) built on TON.
However, it’s essential to note that the integration’s success may not single-handedly sustain the ongoing Toncoin rally. The coin’s performance depends on on-chain metrics and the overall crypto market conditions. The upcoming sessions will shed light on potential fluctuations in TON’s value. If the coin fails to overcome the mentioned resistance barrier, the likely target for the Toncoin price would be $2.27, representing a 4% decrease from the current value.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Â
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News