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- TON’s price surged over 25% in September, but it caught between the 20-day and 50-day EMA bands.
- On-chain metrics show increased user engagement and activity on the network.
- Social dominance and development activity for TON are also on the rise.
The TON price surged over 25% this September, drawing significant attention. Toncoin (TON) has faced volatility in Q3 2024 due to events like Vitalik’s arrest and release. Despite this, the token stayed above its long-term support zone of $4.70.
The token appears to be in a bullish trend for the long term. However, it has been range-bound between $5.00 and $8.00 since its peak in Q1 2024. With Bitcoin and the broader crypto market bullish this September, TON crypto saw 6% growth this week.
However, this growth was modest as the 50-day EMA obstructed its ascent. The TON price is currently $5.59, caught between the 20-day and 50-day EMA bands. The key question is whether the price will continue rising or succumb to bearish pressure.
A Look At On-Chain Metric & How Could They Drive TON Price Ahead?
Users’ daily transaction and storage fees have surged to 33.68K this week. It is up from a low of 23.80K on September 17th and a quarterly low of 8.9K on August 22nd. Higher transaction and storage fees suggested more usage and demand for the network’s services.
The daily Toncoin crypto burning rate has risen from a quarterly low of 4.46K to 16.84K, indicating growing optimism. Daily transactions have also increased significantly this quarter, from a low of 3.59 million to the current 11.403 million. The rising Toncoin burning rate reduces the circulating supply, increasing the price.
In the TON network, the number of accounts has grown exponentially. As of August 24th, there were 51.940 million accounts, which have surged to 82.265 million.
Monthly active wallets have also substantially increased, rising from a quarterly low of 3.310 million to 9.918 million. On-chain activated wallets on Toncoin have skyrocketed to 19.394 million.
The exponential growth in the number of accounts and active wallets reflects a broader adoption and trust in the network. This can further boost investor confidence and support long-term TON price appreciation.
These on-chain metrics were optimistic for the Toncoin price outlook. This is because they have been indicating increased user engagement and activity on the network.
Social Dominance & Development Activity Rising
TON crypto has a robust presence on X, with its account being nearly 3 years old and amassing 2.473 million followers. It gained 23.373K followers in just one day, reflecting a steady growth trend over the past month. This underscored Toncoin’s solid foothold in the crypto community.
On GitHub, Toncoin crypto’s account, active for over 5 years, has garnered 3400 stars from developers. The project boasts a security score of 94.02 and a AAA tier security class rating.
Both development activity and social dominance are on the rise. This growing social presence could positively influence the Toncoin price. This could happen as increased user engagement drives demand and enhances the value of TON crypto.
TON Price Analysis Over Daily Chart
In Q1 and Q2 2024, the TON price made significant attempts to break through a supply zone, soaring over 300%. However, it faced a setback in Q3 2024.
Despite this, the long-term trend remained upward despite several unforeseen events. After the Q3 decline, TON retains nearly 200% gains, demonstrating a strong foothold.
As Q3 ends and we approach Q4 2024, TON has already shown a decent price recovery this month. The price is currently at a dynamic resistance level of 50-day and 200-day EMA.
If it breaks through, the next targets are $6.80 and $8.00. However, bearish pressure may increase if it fails to clear this hurdle. Investors should avoid FOMO and conduct their own research (DYOR).
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
