Toncoin has witnessed a dramatic escalation in its user base throughout 2024, marking a 2400% increase in holders. As adoption rises, over 90 million now possess TON tokens.
Accompanied by significant market activity, Toncoin’s price hovers around $5.29, challenging critical resistance levels in an uncertain environment. This evolution signifies a key moment for TON’s potential trajectory.
The number of individuals holding Toncoin (TON) has soared remarkably in 2024, demonstrating an impressive 2400% increase. This growth has propelled the total number of TON holders to over 90 million by October 2024, highlighting a substantial milestone for Toncoin and signalling a surging popularity in the cryptocurrency community.
Since the beginning of 2024, TON’s trading volume has shown variations, particularly spiking during March, July, and September. Notably, September witnessed the highest trading activity, peaking at $2.4 billion. Although there has been a dip since, the volume remains elevated compared to earlier in the year.
As of the latest data, Toncoin’s price stabilised at $5.29 after initially dipping below $5.20. This slight recovery exhibits potential bullish trends. The token’s market cap is at $13.43 billion, with a daily trading volume surge of 71.74% to $203.61 million. The price is oscillating within the Bollinger Bands, suggesting possible market movements.
Analysing the technical aspects, the TON/USD chart shows price fluctuations close to the Bollinger Bands’ lower range, indicating a possible oversold condition. The Moving Average Convergence Divergence (MACD) reveals continued bearish momentum but hints at a potential shift as the histogram trends towards neutral. Key resistances and supports are observed.
Within market sentiments, there’s a cautious optimism as TON nears its resistance level of $6.04, with support firmly at $4.96. This resistance is a crucial barrier, and how the market navigates it will determine short-term movements. Investors watch closely for signs of breaking through this resistance to confirm upward momentum.
For traders, the strategic focus is on monitoring the MACD and Bollinger Bands for signs of toning momentum changes. A bullish crossover in the MACD coupled with price stabilization above the SMA line could signal a buyer’s market. Traders are advised to stay informed on market movements for optimal entry and exit points.
The aggressive growth in Toncoin holders underscores its evolving role in the crypto landscape. Yet, price volatility and technical indicators imply cautious optimism. Navigating the resistance at $6.04 remains vital, with traders needing to heed technical signals to make educated trading decisions.
Toncoin’s astonishing holder growth marks an exciting era for this cryptocurrency. However, price challenges persist.
As TON tests its $6.04 resistance, the market anticipates whether this rally will sustain. Traders must navigate vigilantly.
