Amid recent market movements, Toncoin [TON] has witnessed a remarkable uptick in its price, capturing the interest of both investors and analysts.
Based on historical data, it is evident that TON tends to maintain levels above its one-year moving average, particularly during bearish market conditions.
Given the current bullish sentiment prevailing in the overall cryptocurrency market, the one-year moving average could serve as a strategic entry point, offering an attractive risk-to-reward ratio for long-term hodlers.
Forecasting amidst a Growing User Base
The existing support levels for TON signal a positive outlook for investors eyeing long-term engagements. Alongside the price dynamics, the rapid rise in Toncoin’s user base is noteworthy.
Recent patterns indicate that TON is on track to surpass Ethereum in terms of the number of holders. While Ethereum currently boasts 137 million holders, Toncoin has reached 112 million, with an addition of approximately 500,000 new holders daily over the last month.
If this momentum continues, TON could potentially exceed ETH holders by the end of December. Nevertheless, a slowdown in growth might push this milestone towards early 2025.
Regarding price trends, TON’s recent performance has been diverse. The 4-hour TON/USDT chart revealed a clear downward trend following a breakout from a descending triangle.
The establishment of a support level around $4.50 proved crucial after this dip, with TON bouncing back and forming a rising wedge, typically considered a bearish indicator, hinting at possible downward pressure.
Significant resistance for TON is observed around $5.41, a level that has been challenging to sustain. A successful breach beyond this point could pave the way for targeting the next substantial resistance level at $6.05.
However, failure to break out might lead TON back to the $4.50 support range. Currently trading around $5.15, indicators point towards a potential climb to $5.71. A breakthrough above $5.71 could set the stage for a major leap towards $10.
TON Transaction Fees and Circulating Supply
September 27th marked a significant milestone in Toncoin’s blockchain history, with users collectively paying a record fee of 77,972 TON, equivalent to approximately $451,457 at a rate of $5.79.
This underscores the rising demand for Toncoin’s blockchain services, reinforcing its long-term growth prospects.
At present, TON has a circulating supply of 5.11 billion, contrasting with Solana’s circulation of 587.38 million. If TON’s fully diluted valuation (FDV) aligns with that of Solana, its price could potentially surge to $20.47.
The expanding Toncoin user base and robust support levels may present an enticing investment opportunity for discerning investors.
While the current outlook appears positive, sustained buying pressure and a breakout above key resistance thresholds would be critical for a substantial uptrend.