Toncoin (TON) Price Rallies To New All-Time High: Here’s What Next?

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Toncoin (TON) is one of the fastest-growing layer one ecosystems backed by reputable web2 and web3 investors. The Toncoin network, with more than $162 million in Total Value Locked (TVL), is expected to grow further, backed by the DWF Labs and the $1.71 billion already raised. Furthermore, the Toncoin network is leveraging the hundreds of millions of global Telegram users.

For instance, earlier this month, Oyster Labs unveiled the Universal Basic Smartphone (UBS), which is powered by the Ton blockchain. In addition to web3 protocols, the Ton blockchain has experienced a significant rise in the tap-to-earn meme coins led by Notcoin (NOT), and the latest Hamster Kombat.

Toncoin Market Check

The Toncoin network has a fully diluted valuation of about $38 billion and a daily average traded volume of around $751 million. Having entered the top ten most valuable digital assets by market cap after dethroning Cardano (ADA), the Toncoin network is now attempting to outshine Dogecoin (DOGE).  

Moreover, the Toncoin network is working to democratize smart contracts to the global market through the Telegram social platform. Consequently, Telegram can continue to compete with US-based firms like Elon Musk-backed X platform and Meta’s family of social media companies.

Currently, the Ton blockchain incentivizes Telegram users with over $150 million in TON coin to get involved with different on-chain activities.

TON Price Analysis and Expectations 

Since the bullish breakout earlier this year, the TON price has been rising. Earlier this week, fueled by heightened demand, the TON price rallied to a new all-time high (ATH). The large-cap altcoin is now in the price discovery phase, with the weekly Relative Strength Index (RSI) above the 70 level for the first time.

If the crypto bullish sentiments continue, the TON price will likely reach $10.27 soon, coinciding with the 1.618 daily Fibonacci Extension.