- Failure of TON holders to exit the market at $6.39 could spur a hike to $7.50
- Network activity dropped, but external developments pointed to possible double-digit gains
21% of Toncoin’s [TON] holders are sitting at the same price where they purchased the token, indicating that they are at make or mark point right now. Additionally, further assessment of IntoTheBlock’s data revealed that 29% of all holders have accumulated TON over the last 30 days.
This ratio was more than those who bought the cryptocurrency one year ago. In the last 30 days, TON’s price has risen by 22.09%, meaning that some addresses that bought the token recently are now in profit.
However, the last seven days have not been palatable for Toncoin. This, because the price dropped by 1.91%. In light of the token’s performance this year, holders at the breakeven point might decide not to sell though.
The reason is that a chunk of them might be part of the 29% who purchased the token over the past month. Especially since as AMBCrypto has preciously reported, TON’s price has been on a good run this year.
Source: IntoTheBlock
Things are working in TON’s favor
As such, it is expected that the price could rise higher on the charts. With this forecast, it is possible that the $6.39-level, which was Toncoin’s price at press time, could act as support for the token.
If this is the case, and bears fail to neutralize the defense, TON could hike to $7.50. However, AMBCrypto is not the only party expecting this move.
Shiveen Moodley, a tokenomics researcher, also shared this projection. For Moodley, the focus was on the long-term prospect of the project using TON’s performance against other top cryptocurrencies.
Source: CryptoQuant
His opinion and the aforementioned aligned with AMBCrypto’s report about Toncoin’s correlation with Bitcoin [BTC] and Ethereum [ETH].
Will the price hit $10?
According to him, Toncoin’s supply, active userbase, and links with Telegram could help the token hit more upside. He noted in his analysis via CryptoQuant that,
“Currently, with a supply of 5 billion coins and an inflation rate of 2 percent, leading to an estimated 10 billion coins in 35 years steady price increases are likely in the long run.”
On 23 May, Telegram disclosed that it would release a digital currency for payments on its platform. Considering the social media platform’s links with Toncoin, there are speculations that the token might be involved.
If so, activity on the network, as well as demand for the token, might skyrocket. Should this be the case, it might only take a short period for TON to hit $10.
However, data from Santiment showed that activity on the Toncoin network had instead fallen. At press time, the 24-hour active addresses were down to 356 too.
Source: Santiment
Is your portfolio green? Check the Toncoin Profit Calculator
This was around the same spot the metric was at before the price ran to $7.45 in May. While the token might not replicate the same move, a hike in network activity could set the stage for TON’s rally.
Before that, however, the price might swing between $5.90 and $6.40 on the charts.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
