Key Insights
- TON blockchain emerged as the fastest-growing chain over 90 days. Its natively minted stablecoin supply rose more than 22.6%.
- Toncoin launched seamless crypto transactions in the USA via TON Wallet, enabling instant, borderless transfers.
- Toncoin traded inside a descending trend channel. The trend moved toward the pattern’s resistance level.
Toncoin is the native cryptocurrency of the TON blockchain. Activity heating up could trigger positive price reactions. The altcoin rose 1.7% in the last 24 hours. Its price traded at $1.55.
Daily volume fell over 36% to $106 million. TON blockchain was exhibiting growth in terms of liquidity creation from the rising stablecoin supply and the expanding user base.
The question remained about Toncoin’s fundamentals. Analysts debated if they could drive a recovery. The key test was breaking resistance at $1.80.
Stablecoin Supply Growth on TON Blockchain
Per the Token Terminal data, TON led all other chains in the past three months with growth in stablecoin supply. The amount of natively minted stablecoins on the TON blockchain grew by more than 22%, hitting $648.6 million.
This growth was closely followed by Ethereum (ETH), Base, Solana (SOL), and Celo Network (CELO). They recorded 15.1%, 10.8%, 10.6%, and 7.5%, respectively. However, the largest mint in terms of figures was on Ethereum, followed by Solana, then Base.
This leading position, in terms of percentage, highlighted the changing dynamics on TON. It has recently undergone major upgrades and collaborations.
This meant liquidity flowed into the chain. Stablecoins exposed users to crypto through FIAT pegging, making them widely accessible across jurisdictions.
Other chains like OP Mainnet, Tron (TRX), and Polygon (POL) experienced decreases over this period. Crypto sector activities declined. TON showed differential growth. This growth explained its potential for reversal.
Several indicators suggested a potential price change. Its valuation stayed below the $8 launch peak. The signals kept hopes for recovery alive.
TON Wallet Launches in the USA
Another important aspect was the growth in the user base. Telegram and TON share a symbiotic relationship. More users joined after the wallet launch in the USA. The altcoin drove fresh onboarding momentum.
This number added to Telegram’s one billion monthly active users. The TON blockchain is integrated directly into the messaging platform.
According to a post by CoinMarketCap, the wallet will enable instant and borderless transactions of cryptocurrencies. They beat regulatory hurdles requiring separation. The two entities continued working together. Their cooperation strengthened despite the rules.
TON price rose 4% after the news. This hinted at potential gains if fundamentals aligned.
How Will Toncoin Price React?
In the meantime, the TON price chart confirmed the struggle in the valuation of the cryptocurrency. Toncoin price was trading inside a descending channel and seemed to have stabilized around $1.50.
The price formed a mini head and shoulders at this zone. However, a break above the neckline would make a whole lot of difference. TON price was headed toward the upper resistance of the channel. This suggested a break from the declining action, potentially from these positives.
Furthermore, the MACD had flipped green, but its signal lines remained below the bars. Thus, bulls were yet to control movement entirely.
The bullish scenario for TON rested on the price breaching the hurdle at $1.80. More importantly, a technical shift was key on the daily chart, which was less dynamic compared to the 4-hour chart.
Conversely, failure to break out of this channel would extend the decline. That would mean that these fundamentals were not enough to ignite a reversal for the Toncoin price. Worth noting was the weakness in the broader crypto market.
