Toncoin (TON), the native token of The Open Network, saw a 12% price drop from its recent all-time high of $7.76 in the past week due to a market correction led by Bitcoin (BTC). Despite this setback, optimism surrounding TON and its network has led crypto analysts to speculate on a potential uptrend continuation, with some predicting a surge towards double-digit territory.
Delphi Digital noted that TON’s daily active addresses have exceeded those of Ethereum (ETH) for the first time, attributed to Telegram’s 900 million user base. This success relies on leveraging Telegram’s distribution capabilities. Crypto analysts like “Crypto King” recommend exploring TON for its fast and user-friendly blockchain infrastructure.
Market expert Alex Clay believes TON is on track to reach $10, with short-term targets of $10.5 and $11.6. Token Terminal data shows positive long-term metrics for TON, such as a 3.6% increase in fully diluted market cap over 30 days. Despite a 3% price decrease, other metrics like token holders, revenue, fees, and active users have seen significant growth.
In the short term, investors should monitor the support level at $6.80 to prevent further decline, with a resistance level at $7.53 before potentially retesting Toncoin’s all-time high of $7.76.