Open Network’s TON token continues its meteoric rise, shattering all-time highs and showcasing bullish potential. Recent insights from CryptoQuant reveal a key technical indicator – the token’s previous peak of $7.3 has transformed into strong support. As long as this level holds, TON’s price trajectory appears optimistic.
Technical Analysis Paints a Bullish Picture
CryptoQuant, a prominent data platform, utilizes technical analysis to identify TON’s support and resistance levels. These levels act as price barriers, with price action often bouncing off them. Historically, technical analysis has proven effective for TON at various levels, such as $0.55, $1.9, $4.5, and $2.6.
Previously, TON reached a peak of $7.3. Although surpassed momentarily, this level has now transformed into a crucial support zone. Analyst Maartunn at CryptoQuaunt emphasizes, “As long as the price remains above this support, the chart appears highly bullish.” This technical indicator suggests the potential for continued price increases.
TVL Skyrockets Alongside Price
Adding to TON’s impressive performance, the TON blockchain’s total value locked (TVL) has also reached unprecedented heights. Surpassing $600 million for the first time ever, TVL has witnessed a staggering 54x increase since December, surging from a mere $11 million.
Telegram’s User Base: A Powerful Launchpad
Earlier, TON surpassed Ethereum in terms of daily active addresses, a feat likely fueled by Telegram’s massive user base of 900 million. Despite its relatively young ecosystem, TON’s consistent growth appears promising, largely driven by Telegram’s immense reach and distribution power.
Also Read: Toncoin Explodes: Network Growth & Social Buzz Fuel All-Time High
Telegram’s backing offers TON a unique advantage in user adoption and engagement. If the network can capitalize on this strong foundation and foster further ecosystem growth, it has the potential to become a major player in the cryptocurrency space.
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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