Toncoin (TON), the native token of The Open Network, has been making impressive strides in this market cycle. It recently reached a new all-time high (ATH) twice in one day and even surpassed Ethereum’s active user count. Analysts are optimistic about TON’s breakout and believe that it could rally towards the $10 mark.
According to crypto analyst Ali Martinez, TON is on the cusp of a major breakout. The analyst pointed out the ascending triangle pattern on TON’s chart and predicted a 40% breakout above the $10 price range. The token successfully tested the $7.7 resistance level and exceeded its previous ATH of $7.76. It briefly broke above the $8 resistance level before retracing back below. However, TON quickly resumed its upward trend and reached a new ATH of $8.15 on Friday, representing a 9% increase from the previous day.
TON’s performance has garnered attention and praise from the crypto community, especially amid the recent market slowdown. TON is the only token among the top 10 cryptocurrencies by market capitalization to have a positive performance in the “last 7 days carnage,” according to GeckoTerminal.
Analysts and community members alike are confident in TON’s potential for double-digit gains in the summer. The bullish sentiment has led experts like Martinez and Daan Crypto to set their next target for TON above the $10 threshold. Some even draw parallels between TON and Solana (SOL), with Crypto trader ImNotTheWolf predicting that TON will become the new SOL in terms of gains potential.
TON’s strength lies not only in its performance but also in its real-life use and adoption. It recently surpassed Ethereum in daily active addresses, attributed to its integration with Telegram and its massive user base of 900 million. This resilience and growth have led some to believe that TON could challenge historical smart contract leader Ethereum, similar to what Solana has done.
In summary, Toncoin’s recent breakout and strong performance have positioned it for further gains, with experts and analysts setting their next target above $10. The token’s integration with Telegram and growing user base, along with its real-life use and adoption, contribute to the overall optimism surrounding TON.