- Market sentiment around the token was bullish last week
- Technical indicators hinted at a price hike in the coming days
After a week which saw Toncoin’s [TON] price almost fall by double digits, its bulls finally gained control. However, it was interesting to note that while the coin’s price action remained volatile, its adoption across the market rose sharply. Hence, the question – Will this be enough to push the coin’s price up further?
A deep dive into Toncoin’s ecosystem
IT Tech, a popular crypto analyst, shared a tweet highlighting quite a few notable developments related to the Toncoin ecosystem. The tweet first mentioned that Toncoin’s daily active addresses have surged, hitting 3.8 million by late September from 2.2 million in August.
This clearly pointed to a considerable hike in TON’s usage and adoption across the globe.
Source: X
Another noteworthy development pertained to the whales. As per the tweet,
“Whale concentration is notably high in the TON ecosystem, with GOMINING and JETTON showing 97% concentration. Such dominance by large holders could influence market dynamics, impacting smaller investors and overall market fluidity.”
Apart from this, the token’s price action has also remained pretty much stable. Despite market fluctuations, Toncoin’s market cap remained steady at $13.4 billion, as of late September. This reflected investor confidence and Toncoin’s strong positioning within the ecosystem, offering a sense of security amidst volatility.
Will these help TON turn bullish?
While all this happened, TON’s price dropped by over 9% last week. And yet, the last 24 hours were in investors’ favor as Toncoin saw a more than 1.8% price hike. At the time of writing, the token was trading at $5.42.
Therefore, AMBCrypto planned to check the token’s on-chain data to find out whether the rising adoption and other aforementioned factors were enough to sustain this bull rally.
As per our analysis of Santiment’s data, Toncoin’s weighted sentiment remained in the positive zone for a majority of last week. This meant that bullish sentiment around the token was high. Its social dominance was also relatively high, reflecting the token’s popularity in the crypto space.
On top of that, TON’s supply on exchanges recorded a massive drop. This indicated that investors have been buying the token in hope for a sustained price hike in the coming days.
Source: Santiment
Read Toncoin (TON) Price Prediction 2024-25
We then checked TON’s daily chart to find what market indicators suggested regarding a sustained bull rally.
As per our analysis, TON’s price touched the lower limit of the Bollinger Bands. Whenever that happens, it means that the chances of a northbound rally are high. If that actually happens, then TON might first target $6.8.
However, in case the bears take over, then the token’s price might drop to $4.4 on the charts.
Source: TradingView
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