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Toncoin (TON), the native token of the open network, had one of the best performances this cycle. The token hit a new all-time high (ATH) twice on Friday and upended active Ethereum users this week. Market watchers believe that this breakout and recent performance could pave the way for a rally towards the $10 mark.
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Toncoin hits new all-time high at $8
Cryptocurrency analyst Ali Martinez recently said that Toncoin was on the verge of a major breakthrough. analyst Highlight An ascending triangle pattern on the TON chart suggested that the token is preparing for a 40% breakout above the $10 price range.
On Thursday night, the token successfully tested the $7.7 resistance level, surpassing its all-time high of $7.76. TON continued its upward trend in the following hours, briefly breaking above the $8 resistance level.
After setting the new ATH, Toncoin fell below the $8 mark. TON hovered between the $7.8 and $7.9 price range before resuming its rise to the second milestone in 24 hours.
On Friday, Telegram’s integrated token rose 5% to the new ATH of $8.15. This increase represents a 9% increase from the previous day. Moreover, TON displays an increase of 7.7% and 17.6% in both the weekly and monthly time frames.
The cryptocurrency community praised Toncoin’s performance, highlighting TON’s green numbers amid the market slowdown. GeckoTerminal has shared the list of top 10 cryptocurrencies by market cap. Among the assets, TON is currently the only token that has performed positively in the “last seven days of massacre.”
Is TON the new SOL?
Cryptocurrency analysts have taken note of TON’s recent performance, with many believing a double-digit target in the summer is possible. Bullish sentiment towards TON has prompted several analysts, including Martinez and Daan Crypto, to set their next target for the token above the $10 price range.
Altcoin Sherpa He said The token remains one of the “strongest charts in the cryptocurrency space.” The analyst had previously stated that the TON breakout was “just a matter of time.”
Likewise, some community members believe that Toncoin could be the new Solana (SOL). For some, the token’s performance is similar to SOL’s performance in the previous cycle. Cryptocurrency trader ImNotTheWolf Believes “It will become the new TON SOL, in terms of potential gains.”
Another market observer highlighted the symbol’s strength amid the market. WiseAnalyse suggested that TON is “the only robust chart out there” due to its use and adoption in real life. like mentioned By NewsBTC, Toncoin recently surpassed Ethereum (ETH) in daily active headlines. This feat is attributed to its integration with Telegram and its 900 million user base.
He did not comment on this issue, It helps That the open network blockchain could be the next Solana “thanks to challenging the historic smart contract company, Ethereum.” The report highlights TON’s performance and community optimism despite the gap with Solana:
Despite lagging behind Solana, TON’s daily active addresses have surpassed Ethereum’s daily numbers with all but one address so far in June. Some believe that TON could approach market cap with Solana.
Featured image from Unsplash.com, chart from TradingView.com
