Toncoin, the native cryptocurrency of The Open Network, has broken through to new heights, reaching an all-time high. The market is optimistic about the future of TON, with technical indicators and on-chain data pointing to a continued rally.

Golden-Cross Formation

The 50-day moving average has crossed the 200-day average, forming a golden-cross pattern. This technical signal indicates a potential long-term uptrend for Toncoin. The RSI indicator is also favorable, showing room for further growth before entering overbought territory.

Social Metrics Turn Bullish

Social volume and social dominance for TON have turned bullish over the past five days. This surge in social metrics often precedes market rallies. The total number of TON holders has increased, reflecting investor confidence.

Immediate Resistance and Future Outlook

The immediate resistance for Toncoin is $8.0. Once it crosses this level, further bullish action can lead to a rally to $10 and above.

Network Growth and DeFi Adoption

The Toncoin blockchain network has seen strong growth, attracting more DeFi developers and reaching a total value locked (TVL) of close to $1 billion. The number of active Toncoin wallets has surged from 1.28 million at the beginning of 2024 to over 8 million.

TapSwap and Airdrop

TapSwap, a key contributor to the Toncoin ecosystem, has a global user base of 49 million. Its upcoming airdrop aims to boost user engagement by facilitating token conversions to fiat.