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Cryptocurrency News Articles
TON Coin (TON) Price Analysis & Prediction: Will the Token Continue Rising or Succumb to Bearish Pressure?
Sep 21, 2024 at 10:06 pm
The TON price surged over 25% this September, drawing significant attention. Toncoin (TON) has faced volatility in Q3 2024 due to events
The TON price showed strength in Q3 2024, despite facing volatility. Several key on-chain metrics also pointed toward a bullish outlook for the Toncoin crypto.
The TON price surged over 6% this week, as Bitcoin and the broader crypto market showed bullish signs. However, this growth was obstructed by the 50-day EMA, limiting further gains.
The Toncoin price is currently squeezed between the 20-day and 50-day EMA bands. The crucial question remains whether the price will continue rising or succumb to bearish pressure.
A glance at the on-chain metrics revealed some interesting insights. Users' daily transaction and storage fees surged to 33.68K this week. This showed an increase from a low of 23.80K on September 17th and a quarterly low of 8.9K on August 22nd. Higher transaction and storage fees suggested more usage and demand for the network's services.
The daily Toncoin crypto burning rate also rose from a quarterly low of 4.46K to 16.84K, indicating growing optimism. Daily transactions also increased significantly this quarter, rising from a low of 3.59 million to the current 11.403 million. The rising Toncoin burning rate reduces the circulating supply, increasing the price.
In the TON network, the number of accounts grew exponentially. As of August 24th, there were 51.940 million accounts, which surged to 82.265 million.
Monthly active wallets also increased substantially, rising from a quarterly low of 3.310 million to 9.918 million. On-chain activated wallets on Toncoin skyrocketed to 19.394 million. The exponential growth in the number of accounts and active wallets reflects broader adoption and trust in the network. This can further boost investor confidence and support long-term TON price appreciation.
These on-chain metrics were optimistic for the Toncoin price outlook. This is because they have been indicating increased user engagement and activity on the network.
In terms of social presence, TON crypto had a robust account on X, which is nearly 3 years old and has 2.473 million followers. It gained 23.373K followers in just one day, reflecting a steady growth trend over the past month. This underscored Toncoin’s solid foothold in the crypto community.
On GitHub, Toncoin crypto's account has been active for over 5 years and has garnered 3400 stars from developers. The project boasts a security score of 94.02 and a AAA tier security class rating.
Both development activity and social dominance are on the rise. This growing social presence could positively influence the Toncoin price. This could happen as increased user engagement drives demand and enhances the value of TON crypto.
The TON price showed strength in Q3 2024, despite facing volatility, and several key on-chain metrics pointed toward a bullish outlook for the Toncoin crypto.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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