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- TON’s price action slowed after reaching all-time highs.
- Network growth and speed around the token decreased.
Due to its increasing popularity, Tonquin [TON] The network was able to gather a large number of users, which led to a rise in public interest in the TON token.
Ton marches
It was not only the activity on the TON network that rose, but its price as well. It recently reached an ATH (all-time high) of $8.24. At press time, TON was trading 5.76% below ATH.
The huge price rise has made investors very optimistic about TON’s future. If TON can retest the $8.24 resistance, there could be a chance to achieve a new ATH by the token as well.
Since the beginning of May, the price per ton has taken an upward trajectory. During this period, the TON price showed several higher highs and higher lows, indicating an upward trend.
Despite the bullish signs shown by TON, indicators tell a different story.
The Relative Strength Index (RSI) for TON declined significantly and fell below the 49.51 level. This means that the bullish momentum around the TON token was exhausted at the time of writing.
Moreover, CMF (Chaikin Money Flow) also started to decline, indicating that the money flowing into TON has slowed down.
In addition, the Awesome Oscillator (AO) remained high. A high AO indicates that buying pressure is increasing in the market.
Source: Trading Offer
Consider onchain data
AMBCrypto’s analysis of Santiment data also revealed that network growth around TON declined significantly, meaning that the number of new addresses willing to purchase TON at the current rate was relatively low.
Moreover, the trading speed of TON has decreased, which indicates that the trading frequency of TON has decreased significantly in the past few days.
Source: Santiment
Although the future of the TON token seems uncertain, the Ton Network has seen significant growth.
Since the launch of Tether live on ton network In April, the amount of USDT in circulation increased significantly. It has risen to $580 million, which represents a staggering 76% increase in just one month.
Is your wallet green? Check the Ton profit calculator
This significant increase in USDT has pushed TON to the forefront of stablecoin acceptance, confirming its position as the sixth largest USDT trading network.
Furthermore, the Ton network has seen a significant spike in user activity. The number of daily active users increased by 300% during this time period, reaching an all-time high of 632,000.
