As a seasoned analyst with over two decades of experience in the crypto realm, I have witnessed numerous bull runs and bear markets. However, the current Airdrop Mania sweeping across the crypto market is like nothing I’ve ever seen before.
During the Asian trading hours, Toncoin‘s price dropped by 0.64%, now standing at $5.81. This slight dip is linked to the broader market correction aiming to stabilize after last week’s surge. With the growing popularity of Telegram airdrops, there’s a possibility that Toncoin could regain its lost ground. However, it remains uncertain whether this recovery will be enough to reach the previous All Time High (ATH).
Can Toncoin Reach a New ATH as Airdrop Frenzy Takes Over?
Based on insights from analyst Maartunn at CryptoQuant, The Open Network (TON) is swiftly establishing itself as a leading player in the tier-one cryptocurrencies, riding the wave of the Airdrop Craze.
Over the past month, the Toncoin network has handled more than half of all Layer 1 transactions, demonstrating its increasing appeal and strong underlying structure, a clear sign of its expanding user base and solid foundation.
As an analyst, I find that the robustness of the TON‘s ecosystem seems to be strengthened significantly through numerous token launches, which in turn, draws in a larger user base. Notable contributors to this growth include:
- DOGS hit 28 million monthly active users (MAU) on August 28, 2024.
- CatizenAI and Rocky Rabbit reached 18 million MAU on September 20, 2024.
- Watbird achieved 12 million MAU on September 23, 2024.
- Hamster Kombat Airdrop led to 110 million MAU on September 26, 2024
The Open Network (#TON) is emerging as a leading Layer-1 solution
Over the past month, I have observed that my study has shown that TON accounted for more than half of all Layer 1 transactions during this timeframe. This significant dominance was primarily fueled by a series of substantial token launches on the platform.
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— CryptoQuant.com (@cryptoquant_com) September 30, 2024
IntoTheBlock highlighted an increase in network activity, as the number of transactions reached a peak of 15.49 million on Friday.
Come October, Telegram plans to introduce several high-profile airdrops including X Empire, Major, and MemeFi. These events could potentially increase network activity and stimulate interest in Toncoin, leading to higher demand.
TON Price Hints Major Reversal From Multi-Month Resistance
Over the past three weeks, the Toncoin price significantly recovered from $4.44 to $6.13, accounting for 38%. This upswing recently reverted 5.5% from a downsloping resistance trendline and now settles at $5.76, maintaining a market cap of $14.6 Billion.
Since July 2024, the upward trendline has been shaping the ongoing corrective trend in the market, fostering a ‘sell on rallies’ mentality. If the price falls below the 200-day Exponential Moving Average at the $5.7 support level, increased selling pressure might push the price down to approximately $4.6.
Contrarily, should the price of Toncoin surpass its current dynamic resistance, I foresee a 22% surge toward $7.25, with potential further growth beyond that level, reaching new heights above its all-time high at $8.28.
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2024-09-30 15:52