Toncoin (TON), the native token of the Open Network, had one of the best performances this cycle. The token reached its all-time high (ATH) twice this Friday and converted Ethereum’s active users this week. Market watchers believe this recent breakout and performance could set the stage for a rally towards the $10 mark.
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Toncoin Sets New $8 All-Time High
Crypto analyst Ali Martinez recently said that Toncoin is on the verge of a major breakout. The analyst highlighted the ascending triangle pattern on the TON chart and suggested that the token was preparing for a 40% breakout above the $10 price range.
On Thursday night, the token successfully tested the resistance level of $7.7, surpassing its high level of $7.76. TON continued its rise in the following hours, briefly crossing above the $8 resistance level.
After setting its new ATH, Toncoin retraced below the $8 mark. TON moved between the price range of $7.8 and $7.9 before resuming its rise to the second milestone in 24 hours.
On Friday, Telegram’s combined token rose 5% to its new ATH of $8.15. This increase represents a 9% increase from the day before. Furthermore, TON shows an increase of 7.7% and 17.6% on a weekly and monthly basis.
The crypto community praised Toncoin’s performance, highlighting TON’s green numbers amid a market downturn. GeckoTerminal has shared a list of the top 10 cryptocurrencies by market capitalization. Among assets, TON is currently the only token that is performing well in the “last 7 days massacre.”
Is TON the New SOL?
Crypto analysts have taken note of TON’s recent performance, with many believing that a double-digit summer target is possible. The bullish motion towards 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 said that the TON breakout was “just a matter of time.”
Similarly, some members of the community think that Toncoin could be the new Solana (SOL). For some, the token performance is similar to SOL in the previous cycle. Crypto trader ImNotTheWolf believes that “TON will be the new SOL, in terms of potential benefits.”
Another market observer highlighted the power of tokens within the market. WiseAnalyse suggested that TON is “the only solid chart out there” because of its real-world usage and adoption. As reported by NewsBTC, Toncoin recently surpassed Ethereum (ETH) in daily active addresses. This feat is attributed to its integration with Telegram and its 900 million user base.
The Open Network blockchain may be the next Solana “due to the challenging smart contract leader, Ethereum.” The report highlights TON’s performance and public optimism despite the gap with Solana:
While we’re still behind Solana, TON’s daily active addresses have surpassed Ethereum’s tally all but one day so far in June. Some believe that TON can close the market gap with Solana.
Featured image from Unsplash.com, Chart from TradingView.com
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