- If TON holders fail to exit the market at $6.39, this could lead to a rise to $7.50
- Network activity declined, but external developments pointed to possible double-digit gains
21% of Toncoins [TON] holders are sitting at the same price where they purchased the token, indicating they are currently at the brand or mark point. In addition, further assessment of the data from IntoTheBlock revealed that 29% of all holders have collected TON in the last 30 days.
This ratio was more than that of those who bought the cryptocurrency a year ago. Over the past 30 days, the price of TON has increased by 22.09%, meaning that some addresses that recently purchased the token are now making a profit.
However, the past seven days have not been palatable for Toncoin. This is because the price fell by 1.91%. However, in light of the token’s performance this year, holders at the breakeven point could decide not to sell.
The reason is that some of them may be part of the 29% who bought the token in the last month. Especially since, as AMBCrypto has preciously reported, TON’s price has risen well this year.
Source: IntoTheBlock
Things are working in TON’s favor
As such, it is expected that the price could move higher on the charts. With this prediction, it is possible that the $6.39 level, which was Toncoin’s price at the time of writing, could act as support for the token.
If this is the case and the bears fail to neutralize the defense, TON could rise to $7.50. However, AMBCrypto is not the only party that expects this step.
Shiveen Moodley, a tokenomics researcher, also shared this projection. For Moodley, the focus was on the long-term perspective of the project, comparing TON’s performance against other top cryptocurrencies.
Source: CryptoQuant
His opinion and the aforementioned were consistent with AMBCrypto’s report on Toncoin’s correlation with Bitcoin [BTC] and ether [ETH].
Will the price reach $10?
According to him, Toncoin’s offering, active user base, and links with Telegram could see the token experience more upside. He noted in his analysis via CryptoQuant that,
“Currently, with a supply of 5 billion coins and inflation of 2 percent, leading to an estimated 10 billion coins in 35 years, steady price increases are likely to be expected in the long term.”
On May 23, Telegram revealed that it would release a digital currency for payments on its platform. Given the social media platform’s ties to Toncoin, there are speculations that the token could be involved.
If so, activity on the network, as well as demand for the token, could skyrocket. If this is the case, it may only take a short period of time for TON to reach $10.
However, data from Santiment showed that activity on the Toncoin network had dropped instead. At the time of writing, the number of 24-hour active addresses had also fallen to 356.
Source: Santiment
Is your portfolio green? Check out the Toncoin profit calculator
This was about the same point the metric was at before the price rose to $7.45 in May. While the token may not replicate the same move, a surge in network activity could set the stage for TON’s rally.
Before that, however, the price could fluctuate between $5.90 and $6.40 on the charts.