Toncoin (TON) is witnessing a paradox. While the network has experienced a notable increase in demand, the native token’s technical indicators suggest a significant price drop may be imminent. Analysts forecast a potential 24% decline, which could see TON fall to $4.42, a substantial dip from its current trading value of $5.82.
TON’s Network Demand Surges Amid Hamster Airdrop
A recent surge in activity on the TON network has been observed, largely driven by the Hamster Kombat token airdrop on September 26. According to Artemis data, the network saw a 74% increase in unique active addresses conducting transactions over the past 30 days, and over 4 million transactions were completed during this period, marking a 67% growth in daily transaction volume.
The Hamster Kombat airdrop played a crucial role in this spike, with over 1 million transactions recorded within just an hour of the event. By the following day, September 27, daily network fees hit a record $349,000, and active users soared to an unprecedented 1.6 million in just 24 hours.
Market Sentiment Remains Bearish
Despite this rise in network activity, traders remain bearish on Toncoin’s price. Over the past three days, the altcoin has seen a 4% decline, and technical indicators signal further downside. One key indicator, the Chaikin Money Flow (CMF), currently sits at 0.10, showing a declining trend. Although still in positive territory, the CMF suggests that buying pressure is weakening, with fewer funds flowing into TON as traders take profits.
Another bearish signal comes from TON’s funding rates, which have turned negative in recent days. Negative funding rates indicate that more traders are betting on a price drop, favoring short positions over long ones. This increase in short activity typically reflects a broader market expectation of declining prices.
TON Price Prediction – Will It Drop 24%?
If the current trend continues, Toncoin’s price could fall to its first major support level at $5.25. If this support fails to hold, a further plunge toward $4.42—representing a 24% drop from current levels—becomes likely.
However, not all is bleak for TON. Should the network’s demand see a resurgence and buying activity pick up, the altcoin could reverse course. In this optimistic scenario, TON may rally toward $7.37, a potential 26% surge from its present value.
Toncoin faces a critical juncture. While network demand surges due to events like the Hamster Kombat airdrop, the bearish sentiment among traders casts a shadow over its price outlook. With key technical indicators suggesting a 24% drop, TON’s future depends heavily on whether market participants regain confidence in the asset or if selling pressure continues to dominate.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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