Toncoin (TON), the native token of The Open Network, has had one of the best performances this cycle. The token has hit a new all-time high (ATH) twice this Friday and flipped Ethereum’s active users this week. Market watchers believe this breakout and recent performance could set the stage for a rally toward the $10 mark.
Toncoin Sets New $8 All-Time High
Crypto analyst Ali Martinez recently said Toncoin was on the verge of a major breakout. The analyst highlighted the ascending triangle pattern on TON’s chart and suggested the token was gearing up for a 40% breakout above the $10 price range.
On Thursday night, the token successfully tested the $7.7 resistance level, surpassing its all-time high of $7.76. TON continued its uptrend in the following hours, briefly breaking above the $8 resistance level.
After setting its new ATH, Toncoin retraced below the $8 mark. TON hovered between the $7.8 and $7.9 price range before restarting its rise to a second milestone in 24 hours.
On Friday, the Telegram-integrated token soared 5% to its new ATH of $8.15. This surge represents a 9% increase from the day before. Moreover, TON displays a 7.7% and 17.6% increase in the weekly and monthly timeframes.
The crypto community praised Toncoin’s performance, highlighting TON’s green numbers amid the market slowdown. GeckoTerminal shared the list of the top 10 cryptocurrencies by market capitalization. Among the assets, TON is currently the only token with a positive performance in the “last 7 days carnage.”
Is TON The New SOL?
Crypto analysts took notice of TON’s recent performance, with many believing that a double-digit target for the summer is possible. The bullish sentiment toward TON has made several analysts, including Martinez and Daan Crypto, set their next target for the token above the $10 price range.
Altcoin Sherpa said the token remains one of the “strongest charts in crypto.” The analyst had previously stated that TON’s breakout was “just a matter of time.”
Similarly, some community members think Toncoin could be the new Solana (SOL). To some, the token’s performance resembles SOL’s in the previous cycle. Crypto trader ImNotTheWolf believes “TON will become the new SOL, in terms of gains potential.”
Another market watcher highlighted the token’s strength amid the market. WiseAnalyse suggested TON is “the only strong chart out there” because of its real-life use and adoption. As reported by NewsBTC, Toncoin recently surpassed Ethereum (ETH) in daily active addresses. This feat was attributed to its integration with Telegram and its 900 million user base.
Unchained weighed in on the matter, stating that The Open Network blockchain might be next Solana by “virtue of challenging historical smart contract leader, Ethereum.” The report highlights TON’s performance and the community’s optimism despite its gap with Solana:
While lagging behind Solana, TON’s daily active addresses have exceeded Ethereum’s figures every day except for one thus far in June. Some believe TON could close the distance in market cap with Solana.
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar Garcia
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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