Toncoin (TON) has had an explosive year in 2024. The asset hit an all-time high of $8.25 on June 15, just one month ago. Since then the asset has fallen back down to earth, sitting under $7.50 at press time. However, new on-chain indicators show that a bullish trend may be coming, one that will send TON back to $8.
Toncoin’s on-chain indicators are all flashing green as the cryptocurrency market resets. Now that the market is beginning its rebound, TON has slowed in growth, but there is still hope for reclaiming that ATH. One of the key on-chain indicators indicating bullish results for the asset is net network growth. This metric for TON is currently at 3.09%. This indicates that more people are showing interest and participation, as there is a consistent rise in the number of active addresses on the Toncoin network.
In addition, the In the Money metric, which is currently 2.11% bullish, is another powerful indicator. This number shows the percentage of holders who are profitable at the current price. With this indicator rising, more holders are becoming profitable, increasing positive sentiment around Toncoin. Hence, more investors are likely to accumulate more TON, which can boost the price due to rising demand.
Large holders (whales) of Toncoin are also active and increasing. Whales and large investors appear to be accumulating TON, which is indicative of their belief that the asset will rise in value in the future. Large transactions, which have demonstrated an increase of 8.83%, also reveal bullish potential.
Will Bullish Toncoin Price Predictions Ring True
A previous prediction by cryptocurrency analyst Ali Martinez revealed that TON might be on the verge of hitting a new all-time high. However, this ATH would only come if the asset broke out of an ascending triangle. The on-chain metrics mentioned previously show that this breakout may be coming, thus, $8 and beyond may be on the horizon. For context, hitting $9 from current prices would translate to a growth of about 18.27%.
The TON network has seen incredible success over the last few months. Many new projects have launched on the network, pushing TON’s price further and further north. TON entered the top 10 crypto projects by market cap earlier this year as well.
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