- Current Toncoin’s support level appears to offer a favorable risk/reward profile.
- TON’s price action is targeting the $10 mark.
Tonmint [TON] recently showed a significant shift in price action, which caught the attention of investors and analysts alike.
Historical data shows that TON’s price rarely falls below its one-year moving average, and that typically only happens during bear markets.
With the overall crypto market in a bullish phase, the one-year moving average could be a favorable entry point, with a strong risk/reward profile for long-term holders.
Source: CryptoQuant
The question on many people’s minds is whether TON will experience a substantial outbreak as the number of holders continues to grow.
Prediction amid a growing number of holders
The current TON support level indicates promising prospects for long-term investments. In addition to the price action, the rapid growth in the number of Toncoin holders is notable.
Recent trends indicate that TON could soon surpass Ethereum in the number of holders. While ETH currently has 137 million holders, TON has reached 112 million, adding approximately 500,000 new holders daily over the past month.
Should this growth rate continue, TON could surpass ETH holders by the end of December. However, if growth slows, this milestone may not be reached until early 2025.
Source: CryptoQuant
In terms of price movements, TON’s recent performance has been mixed. The price chart for TON/USDT over a 4-hour time frame revealed a clear downtrend after breaking a descending triangle.
This pattern created a support level around $4.50, which served as a critical base. After this dip, TON recovered to form a rising wedge, which is generally seen as a bearish setup, indicating possible downside pressure.
Source: trading view
The key resistance for TON is around $5.41, a point it has struggled to sustain. If TON breaks above this level, it could target the next significant resistance at $6.05.
However, if the TON fails to break out, it could fall back to the $4.50 support level. At the time of writing, TON is trading around $5.15, with momentum suggesting a potential climb to $5.71. If TON breaks past $5.71, it could aim for a big move towards $10.
TON fees and delivery
Meanwhile, September 27 marked a notable moment in Toncoin’s blockchain history, with users paying a record amount of 77,972 TON, which equates to approximately $451,457 at a price of $5.79.
This highlights an increasing demand for Toncoin’s blockchain services, supporting its long-term growth potential.
Currently, TON has a total supply of 5.11 billion, which contrasts with Solana’s supply of 587.38 million. If TON’s fully diluted valuation (FDV) ultimately matches Solana’s, the price could reach $20.47.
Is your portfolio green? Check out the Toncoin profit calculator
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Toncoin’s growing user base and favorable support levels could provide an attractive opportunity for investors.
While current trends appear bullish, continued buying pressure and a break above resistance levels would be essential for a significant upward trajectory.