- The price of Toncoin has risen dramatically in recent days as the markets have recovered.
- The network growth of TON has fallen materially. This indicates that there is less interest from new addresses in TON.
Toncoin [TON] This token was among the best-performing ones during the recent market decline and saw no major changes.
The TON continues to climb
Toncoin was experiencing a bullish surge, with its price climbing to $7.44. Telegram’s altcoin is demonstrating strong upward momentum and trading above $7.40, a crucial support level.
The market is optimistic due to the increased trading volume, and price movement. This suggests that there could be a market recovery underway.
The positive price trend has propelled Toncoin to a market cap of $18 billion. This solidifies its place as the 8th largest cryptocurrency in terms of market value.
Toncoin’s trading volume has increased by 22 percent, reaching $203 millions during this period.
The increase in volume of trading could indicate a greater appetite among investors for Toncoin, and a possible increased level of confidence in its future prospects.
The price rose steadily from a low point of $7.30 to around $7.54, before consolidating gains.
Toncoin prices have fluctuated dramatically over the last week. Coin started off week in a weak note. The price of the coin was constantly testing $7.10 as a support level.
A significant change in the market’s dynamics occurred mid-week. Toncoin began a steady rise, which culminated in a strong rally that propelled the value of its currency to $7.50 per week.
There has been no pattern of TON in the past few weeks.
The RSI for TON has risen to 50.59. This indicates that there is a relatively neutral bullish trend around this token.
The CMF (Chaikin money Flow) of TON is down significantly, indicating a material decrease in money entering TON over the last couple days.
Look at data on the chain
AMBCrypto analyzed Santiment data and found that network growth of the TON token has declined significantly in recent days. This suggests that there has been a significant decline in the number of people interested in purchasing TON over the past couple days.
You can read more about it here Toncoin (TON) Price prediction 2024-25
It can negatively impact the chance of a TON rallying.
Moreover, TON’s trading velocity had decreased, indicating that TON had traded less frequently.
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Source: ambcrypto.com