The blockchain activity of Toncoin [TON], a Layer 1 smart contract platform focused on financial applications, is displaying an intriguing trend in recent times.
Initially created by Nikolai Durov, co-founder of Telegram, as the “Telegram Open Network,” it has now been rebranded by the TON Foundation as “The Open Network.”
TON is currently witnessing growing interest, particularly in decentralized exchanges (DEXes), which has coincided with a stabilization in the value of Toncoin, its native token.
Toncoin has observed a slight price uptrend, with a 2.2% increase in the last week, trading at $5.62 as of now. Beyond just price fluctuations, a recent observation by a CryptoQuant analyst pointed out a notable surge in activity on TON-based DEXes.
Positive Indicators in TON Fundamentals
Based on the findings of the CryptoQuant analyst, the number of addresses and transactions on these DEXes has seen a sharp rise, indicating a growing interest from investors.
This surge in activity seems to have occurred post the stability in Toncoin’s price, suggesting that while early adopters were well positioned, new traders might have missed out on speculative gains.
Despite the steadiness in Toncoin’s value, the influx of new addresses and increased DEX activity hints at sustained interest in decentralized trading within the TON ecosystem.
Among the various platforms, STON.Fi has emerged as the dominant player, capturing 90% of all DEX transactions on the TON network.
STON.Fi is recognized as the top decentralized exchange in the TON ecosystem due to its strong community involvement and solid foundation. On the other hand, platforms like DeDust have seen a decline in relevance, while Megaton Finance has struggled to gain significant traction.
The heightened activity on TON’s DEXs indicates the platform’s growth as a center for decentralized finance (DeFi). With STON.Fi leading the way, the TON network might witness further expansion in its decentralized trading ecosystem, attracting more users and liquidity.
The increasing user base on these DEXs, along with the wider acceptance of decentralized trading on TON, showcases a growing community that is actively participating in the network’s financial offerings.
Price Stability and Technical Trends
From a technical standpoint, Toncoin’s price chart reflects a potentially optimistic forecast. The asset has recently touched a crucial support region, historically known to trigger price reversals.
The support level, identified around $4.5, has proven to be pivotal for Toncoin, with past instances of price rebounds when TON reached this point.
Given Toncoin’s approach to this support level again, there is speculation that the asset could witness further price uptrends, especially if historical chart patterns repeat themselves.
If Toncoin manages to maintain support at this significant level, it could attract increased buying interest from both retail and institutional investors.
The combination of escalating activity on TON’s DEXes and robust technical support could fuel the asset’s positive momentum even further.