Despite facing challenges in maintaining a consistent upward trend, Toncoin [TON] has witnessed notable growth over the year. Notably, TON exhibited a 144.52% increase, reaching $5.38 in current trading.
In essence, it has emerged as one of the top-performing digital currencies in the market during this period.
Furthermore, according to data from CryptoQuant, Toncoin managed to outperform Bitcoin [BTC] in 2024.
Toncoin’s Superior Performance Compared to Bitcoin!
CryptoQuant’s analysis revealed that TON exceeded Bitcoin’s performance throughout 2024, positioning the altcoin among the select few that outshone BTC.
While the majority of alternative cryptocurrencies struggled to surpass Bitcoin’s performance last year, TON’s exceptional growth underscored its distinctive dynamics and acceptance.
This achievement was driven by advancements in various facets of the Toncoin ecosystem, notably a substantial rise in Total Value Locked (TVL).
The increase in Toncoin’s TVL can be attributed to the escalating investor trust in the TON ecosystem, along with a surge in staking and liquidity. Additionally, derivatives witnessed increased investor participation and capital inflows.
During the year, the Toncoin ecosystem experienced record highs in transaction volume and user count, with over 5 million users and 24 million transactions. Consequently, 2024 marked significant progress for Toncoin’s ecosystem, further emphasizing its robustness and utility.
If this positive trajectory persists into 2025, Toncoin could cement its position as a leading blockchain platform for the future.
What Does this Mean for TON’s Price?
While Toncoin’s ecosystem continues to expand, its native token TON has encountered notable challenges. For instance, TON registered a 5.09% decline over the past week and a 16.55% drop on the monthly charts.
Despite the recent price setbacks, analysis from CryptoCrypto indicated that the downward trend is showing signs of exhaustion, potentially signaling a shift towards bullish sentiments.
An indication of this shift is the higher rate of withdrawals compared to deposits by investors on exchanges, resulting in a netflow decline to -882.49k.
Notably, outflows of 2.35 million TON exceeded inflows of 1.47 million, suggesting accumulating behavior among investors.
This accumulation trend is also observable among large investors, with whale-held supply increasing to 781k during the preceding week.
Furthermore, recent data on Toncoin’s Stoch and RVGI indicators exhibited a bullish crossover, hinting at a potential uptrend reversal. With positive market sentiment emerging, TON could stage a significant recovery. If this sentiment endures, TON could target $5.83. Conversely, a prolonged bearish sentiment might push the price down to $5.