Toncoin Hits New All-Time High - What's Next for Price?

Toncoin (TON), the native cryptocurrency of The Open Network blockchain, reached a new all-time high of $7.64 after gaining 8.53% in the last 24 hours.

The asset's market capitalization jumped to $18.5 billion, making it the ninth largest cryptocurrency in the world.

On the graph of Toncoin the golden cross pattern is formed, which shows where the 50-day moving average crosses the 200-day moving average.

From the strength of the golden cross pattern, we can predict the price to potentially continue to rise in the long term. The RSI indicator is at 62, which means we can expect some growth before the 70 level, which means the market is overbought.

The growing buzz on social media and the significant increase in TON holders indicate growing investor confidence. The immediate resistance is $8 and if it manages to break, the price will head above $10.

Toncoin is attracting the interest of DeFi developers to the network, which has a total value locked (TVL) of nearly $1 billion. Active wallets jumped from 1.28 million to over 8 million, just since the start of 2024.