- Toncoin recently hit a new all-time high fueled by a surge in network activity and the launch of Tether (USDT) on the Ton blockchain.
- Despite the consequent correction, TON still upholds its bullish outlook, a pivotal juncture set on May 1.
Ton has achieved a significant milestone with the token attaining a new all-time high of $7.3. Despite the subsequent correction, TON’s ability to defy bearish headwinds and its performance has left analysts and investors speculating whether it could soon hit the $10 mark. This decent accomplishment underscores TON’s rapid growth and the increasing influence of the TON network.
Following its all-time high, Toncoin experienced a 4.79% correction. While this rough patch may seem substantial from a short-term viewpoint, it doesn’t sabotage TON’s broader bullish outlook that was set on May 1. During the 41 days of TON keeping its head above bearish waters, TON has recorded multiple higher highs and higher lows, showing signs of a bullish trend.
At the time of writing TON is trading at $7.86 a 10.15% surge in the last 7 days pushing TON’s trading volume up by 22%.
Backing this bullish outlook is the Chaikin Money Flow (CMF). Despite the price dip, the Chaikin Money Flow has remained high with investors endlessly pouring their assets into the network. However, the Relative Strength Index (RSI) also dipped, suggesting a temporary loss of momentum. Importantly, the RSI stayed above 50, suggesting that some underlying bullish sentiment persists.
USDT Launches on TON Blockchain
One of the major factors that have led to the significant price surge is the involvement of Tether (USDT) in the Ton network. Since Tether launched on the network in April, TON has seen a remarkable surge in its circulating supply.
Noteworthy, USDT has seen a great surge in circulatory supply recording a 76% growth in just one month attaining a staggering $580 million. The uptick in USDT’s circulating supply has mirrored user activity on the Ton network with the network observing daily active users skyrocketing by 300% during this period, hitting an all-time high of 632,000.
The growing user activity signals the growing interest and utility, factors that play a huge role in the future success of the coin.
Foreseeing, several factors have led to the token to its current ATH and potentially towards the $10 mark. The ongoing integration of Tether directly tied to the dollar plays a big role in the growth trajectory. The availability of USDT on the Ton network not only enhances liquidity but also attracts more users and developers to the ecosystem.
Looking towards the future the addition of even more robust developer tools and the development of EVM-compatible Layer 2 solutions could further accelerate growth on the Toncoin network. Additionally, the network plans to introduce DEXs with non-standard order execution models comprising limit order book-based exchanges These developments would attract a wider range of developers and users, ultimately leading to a more suitable ecosystem.
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