Toncoin Faces Mild Decline After Weeks of Upward Momentum

Toncoin Faces Mild Decline After Weeks of Upward Momentum

Toncoin price has recently entered a slight downturn, following a period of sustained bullish performance. This decline comes amid broader selling pressure across the cryptocurrency market, which is impacting various digital assets. After a significant surge, the market appears to be undergoing a corrective phase. Despite the pullback, the TON network continues to see impressive growth in its user base.

Toncoin Price Reacts as The Open Network Hits 100 Million Holders

Toncoin price has been notably affected by The Open Network (TON) reaching a significant milestone of 100 million holders. This marks a dramatic increase from the 4.3 million holders reported at the starthttps://x.com/cryptoquant_com/status/1843634931806990375 of the year. In this context, a holder refers to a unique address with a non-zero balance on the network.

This sharp rise in the number of holders highlights the rapid adoption of the TON network, particularly in recent months. The introduction of prominent Telegram-based gaming tokens, such as Hamster Kombat, has played a key role in driving this expansion.

Regardless of individual opinions on TON as a cryptocurrency or blockchain network, it is clear that TON is bringing millions of Telegram users into the crypto space, significantly contributing to the growth of the global crypto community.

Can Toncoin Regain Its All-Time High?

Toncoin has experienced a 1.41% drop today, with its current price sitting at $5.21. The 24-hour trading range has fluctuated between $5.15 and $5.31, reflecting the ongoing volatility within the broader cryptocurrency market.

Although Toncoin reached an all-time high of $8.24 on June 15, 2024, the price has since fallen by 36.76%. Nevertheless, it remains far above its all-time low of $0.3906 from September 20, 2021, marking an impressive gain of 1,233.24% since that time.

Currently, the Layer 1 coin is undergoing a correction, signaling the possibility of a deeper downward trend. Weak market sentiment could exacerbate the current decline. However, should bullish pressure return, Toncoin may challenge the $6 resistance level. Sustained momentum could potentially drive the price back toward its all-time high of $8.24.

The Moving Average Convergence Divergence (MACD) indicator is showing signs of a possible bullish reversal, as the MACD line has crossed above the signal line. Still, the MACD histogram remains neutral, indicating that the market has not yet gained significant upward momentum.

While Toncoin’s price is currently correcting after reaching 100 million holders, its expanding user base may provide a foundation for recovery. If bullish sentiment strengthens, the price could potentially rebound and move closer to its all-time high in the months ahead.