Toncoin price plunged 0.64% during the Asian market session, currently trading at $5.81. The modest downtick followed the broader market pullback, trying to stabilize after last week’s rally. With the increasingly popular Telegram airdrops, the TON price holds the potential for share recovery. Is it enough to hit All Time High (ATH)?
Can Toncoin Reach a New ATH as Airdrop Frenzy Takes Over?
According to CryptoQuant Analyst Maartunn, the Open Network (TON) is rapidly solidifying its position among the top Layer 1 -cryptocurrencies amid the Airdrop Mania.
The Toncoin network captured over 50% of all Layer 1 transactions over the past month, a testament to its growing popularity and robust infrastructure.
TON’s ecosystem is likely bolstered by multiple token launches, attracting more users. Key contributors include:
- DOGS hit 28 million monthly active users (MAU) on August 28, 2024.
- CatizenAI and Rocky Rabbit reached 18 million MAU on September 20, 2024.
- Watbird achieved 12 million MAU on September 23, 2024.
- Hamster Kombat Airdrop led to 110 million MAU on September 26, 2024
The Open Network (#TON) is emerging as a leading Layer-1 solution
“In the past month… $TON captured over 50% of all Layer 1 transactions during this period, largely driven by several major token launches.” – By @JA_Maartun
Read more 👇https://t.co/0Er9EerVrc pic.twitter.com/hEI4feAwnM
— CryptoQuant.com (@cryptoquant_com) September 30, 2024
The Intotheblock accentuated the growth in network activity as the number of transactions metric spiked to a 15.49 Million high on Friday.
In October, Telegram will launch a few more prominent airdrops, such as X Empire, Major, and MemeFi, which could further boost the network activity and drive demand for Toncoin.
TON Price Hints Major Reversal From Multi-Month Resistance
Over the past three weeks, the Toncoin price significantly recovered from $4.44 to $6.13, accounting for 38%. This upswing recently reverted 5.5% from a downsloping resistance trendline and now settles at $5.76, maintaining a market cap of $14.6 Billion.
The overhead trendline drives the current correction trend since July 2024, maintaining sell-the-bounce sentiment in the market. If the price breaks below the 200-day Exponential slope at $5.7 support, the renewed selling pressure could drive a retracement to $4.6.
On the contrary, if the Toncoin price breaks the dynamic resistance, the buyers will drive a 22% rally to $7.25, followed by an extended rally above $8.28 All-time-high.
Frequently Asked Questions (FAQs)
Upcoming Telegram airdrops, including X Empire, Major, and MemeFi, are set to launch in October and are expected to further boost network activity
Toncoin is currently 3.5% away from breaking out of a three-month correction, which could signal a bullish reversal and push the price toward its previous $8.28 ATH
If Toncoin falls below the $5.7 support level, it could trigger renewed selling pressure, potentially causing the price to retrace further to $4.6
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
âś“ Share: