TON Likely to Break Past Its All-Time High with Surging TVL and Active Addresses

Toncoin (TON) is the native crypto of the Telegram Open Network blockchain. TON has had a remarkable rally at the start of the year, fueled by growing adoption and development within its ecosystem. However after the heavy rise, TON has recently faced a heavy resistance level  close to the all-time highs.

The year kicked off with TON trading at around $1.87 on Jan 3rd. Driven by whale activity and positive developments, Toncoin saw a strong bullish run surging by over 310% to reach $7.67 on April 11th which is its current all-time high. As of writing, TON is trading at $6.62 which is a 3.29% gain in the last 24 hours. In the same timeframe, it has still recorded a strong 167% increase in its trading activity which is currently at $497 million, while its market cap is at $16 billion.

TON Technical Analysis

Since hitting its all-time high of $7.67, TON has struggled to break past it and set a fresh record. After that April 11th top TON price retraced by 39%, finding support at the $4.6 level which aligned with a horizontal support level and an ascending trendline. 

TON then traded bullish again, recording a $7.4 high at the resistance zone on May 13th but failing to overcome it. Thereafter the price traded bearish, filling a fair value gap left on May 9th and finding support at the 50-day exponential moving average which is at $6.16 on the daily timeframe.

Despite the recent pullback, TON overall trend remains bullish, with the daily 100 and 200 EMAs standing at $5.23 and $3.73 respectively, acting as potential support levels. If the price drops further, there is need to watch the ascending trendline and the $4.59 double top neckline support.

On the other hand, if bulls can push TON above the recent $7.4 resistance, the immediate target would be to set a fresh all time high. The widening Bollinger Bands on the 4-hour chart also indicate strong volatility while the daily stochastic indicator currently reads 59.

Beyond technical analysis several on-chain metrics and indicators show a bullish picture for TON. The network total value locked (TVL) has today June 3rd surged to a new all-time high above $352 million according to data from DeFiLlama. This milestone highlights the growing adoption and development activity on the TON blockchain.

Santiment data also reveals a recent surge in daily active addresses on the TON network. This acts as a potential precursor to increased market activity and higher demand for the crypto asset. Also increased activity in whale transaction counts on June 3rd further suggests that larger players may be positioning themselves for a potential price resurgence.

While past performance is not a guarantee of future results the confluence of positive technical and fundamental factors could fuel TON continued uptrend especially if the network can overcome the $7.4 resistance level and set new all-time highs.