- Increased TON Masterchain activity provided a bullish weekly outlook.
- TON is poised for a breakout as global liquidity and trading volume rise.
The TON Masterchain has reached a record 946 daily active addresses, an increase of seven times since July 2021, according to Kyledoops noted on X (formerly Twitter).
This growth reflected rising network activity, the expansion of dApps and worker chains, and potentially higher demand for Toncoin [TON].
Source: CryptoQuant
While some analysts have suggested that the TON blockchain could be a bubble due to its low number of daily active users, broader market metrics dispute this view, pointing to the network’s solid progress and long-term potential.
First, Toncoin has shown strong potential as a top coin to maintain support.
The TON/USDT weekly chart revealed a long-tailed reversal candle, indicating bullish pressure, supported by growing volume in recent weeks.
Additionally, the Bollinger Bands are tightening, indicating potential pressure, but the best bet is a breakout to the upside.
Source: TradingView
On the daily time frame, Toncoin was approaching a breakout above the 100 simple moving average, which has provided some resistance.
However, it is likely that TON will break this level soon and remain above it.
A potential bullish wave of 50-60% is expected in the near future, with $10 per TON being a realistic target for traders and investors, indicating strong upside momentum.
Source: TradingView
Altcoins are about to break out
Aaltcoins are poised for a significant breakout after returning above the range. This retracement has formed a bull flag, a pattern often associated with upcoming bullish runs.
Source: TradingView
The market is gearing up for an altcoin season, with new memecoins like DOGS, created by Telegram CEO Pavel Durov, already being used to generate liquidity in TON.
The stage is set for a strong rally in the altcoin market.
Global and TON liquidity increases
Global liquidity is on the verge of breaking out, with Bitcoin [BTC] and altcoins will rise. According to data from the Bitcoin Strategy Platform, liquidity has fallen to over $80 trillion.
Combined with USDT mining, this could yield significant profits for TON and other crypto assets. Expect big price increases in late Q3 or early Q4 of 2024.
Source: Bitcoin Strategy Platform
TON’s market cap at the time of writing was $16.82 billion, with a fully diluted market cap of $34 billion.
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Trading volume in the last 24 hours was $227 million, and the ratio of volume to market capitalization was 1.4%, indicating sufficient liquidity.
Source: DefiLlama
At the time of writing, the circulating supply stood at 2.53 billion out of a total of 5.1 billion TON tokens.