- Failure of TON holders to exit the market at $6.39 could spur a hike to $7.50
Network activity dropped, but external developments pointed to possible double-digit gains
As a researcher with experience in analyzing cryptocurrency markets, I believe that the current situation of TON holders at the breakeven point could lead to significant price movements. The fact that 21% of TON holders have not sold their tokens despite the recent drop in price indicates a strong belief in the long-term potential of the project. Moreover, the influx of new buyers in the last month, as evidenced by the 29% increase in holders, could provide further support to the price.
As a crypto investor, I’ve been keeping an eye on Toncoin (TON). Interestingly, about one in every five TON holders are currently at the same price they bought in, signaling that they could be at a make or break point. Moreover, according to IntoTheBlock’s data, approximately three in ten holders have recently added TON to their portfolios over the past month.
The increase in TON‘s price by 22.09% over the past 30 days has put some newly purchased addresses in a profitable position, surpassing the returns of those who bought the cryptocurrency one year ago.
Over the past week, Toncoin hasn’t tasted success as its price dipped by 1.91%. Despite this setback, investors who are just breaking even on their investment may choose to hang on rather than selling.
One possibility: Some of those individuals could belong to the 29% group that acquired the TON token within the last month. As AMBCrypto previously mentioned, the price of TON has experienced significant growth throughout the year.
Things are working in TON’s favor
Based on current predictions, there’s a strong chance that Toncoin’s price will continue climbing and potentially reach even greater heights beyond its current value of $6.39 at the moment. It’s also worth noting that this level might function as a potential support for the token in the future market fluctuations.
Should bears be unable to breach the defense, it’s plausible for TON‘s price to surge towards $7.50. Yet, I’m not the only observer anticipating such an upward trend.
As a tokenomics analyst, I, Shiveen Moodley, have brought up a compelling perspective regarding the future prospects of the project based on TON‘s performance in comparison to other leading cryptocurrencies.
The views expressed by him concurred with AMBCrypto’s analysis that Toncoin’s price movements were linked to those of Bitcoin and Ethereum.
Will the price hit $10?
In my assessment as a cryptocurrency analyst, Toncoin’s ample supply, growing active user base, and strong association with Telegram may contribute to further price appreciation for this token. I elaborated on this point in a recent analysis published on CryptoQuant.
As a crypto investor, I’m currently observing a supply of approximately 5 billion coins in circulation. With an annual inflation rate of 2%, this number is projected to increase by around 10 billion coins over the next 35 years. Consequently, I anticipate steady price rises in the long term due to this expanding coin supply.
On May 23rd, Telegram announced its plans to introduce a digital currency for transactions within its social media platform. Given Telegram’s connections to Toncoin, there have been rumors suggesting the possible integration of this token in the new currency.
As an analyst, I would say: If the network activity and token demand continue to surge, then it’s plausible that TON could reach a price of $10 within a relatively brief timeframe.
As a crypto investor, I’ve closely been monitoring the Toncoin network’s performance based on data from Santiment. Unfortunately, my findings indicate that network activity has taken a downturn recently. Specifically, the number of active addresses in the last 24 hours has decreased to just 356.
Is your portfolio green? Check the Toncoin Profit Calculator
As a crypto investor, I’ve noticed that the token’s metric is currently around the level it was at before the price surge to $7.45 in May. Although it’s unlikely that the token will exactly follow the same path, an increase in network activity could potentially pave the way for TON‘s price rally.
Before that, however, the price might swing between $5.90 and $6.40 on the charts.
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2024-05-25 22:15