- Toncoin’s partnership with Telegram boosts adoption and strengthens blockchain integration.
- Technical analysis shows consolidation, with a potential breakout above $5.30 toward $6.
- On-chain metrics suggest market bottom, signaling a possible price recovery and upcoming rally.
Toncoin—TON, is flashing signs of a possible rally. Recent market signals suggest a potential price rebound. The normalized risk metric indicates a market bottom, a level often linked to price increases. In August 2024, TON surged from $5.3 to $6.8 after hitting similar metrics. Currently, the price stands at $5.03, following a 2.14% drop over the last 24 hours. Could this price point spark another surge?
Ecosystem Growth Fuels Toncoin’s Momentum
Toncoin’s partnership with Telegram continues to boost the blockchain’s market position. Telegram’s Mini App ecosystem now exclusively integrates TON, reaching over 950 million global users. This helps increase adoption and strengthens Toncoin’s role in the blockchain space.
The launch of TON Connect also enhances the user experience. This wallet connection protocol simplifies blockchain transactions for Telegram users. As adoption rises, Toncoin’s future looks more promising, with Telegram’s ecosystem providing valuable support.
Bullish Technical Signals Point to a Breakout
Toncoin’s price action shows consolidation within a pennant flag pattern. Support is at $4.50, and resistance sits at $5.30. If TON breaks above $5.30, a rally toward $6 is possible, according to historical data. On-chain activity shows a decline in active addresses, but Telegram’s integration could reverse this trend.
The drop in zero-balance addresses suggests consolidation, which could provide price stability. The MVRV long/short ratio currently stands at -0.95%, showing negative sentiment among long-term holders. Historically, such levels have often marked market bottoms, signaling a potential recovery.
For now, Toncoin is well-positioned for a breakout. With strong ecosystem growth and positive technical indicators, the next target could very well be $6. Time will reveal if this rally materializes.
The post Analyzing Toncoin’s Imminent Rally: Can TON Climb to $6? appeared first on Cryptonewsland.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed