News
TON Blockchain’s TVL Skyrockets 100% in Record Time, Analysts Bullish on Next Price Targets
Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently seen notable price appreciation and rapid growth in its ecosystem. After a period of consolidation between $1 and $2 starting in 2022, TON price increased to an all-time high of $8.25 on June 15.
This achievement is accompanied by a significant increase in the Total Value Locked (TVL) of the TON blockchain, doubling from $300 million.
TON Blockchain’s TVL Reaches $600 Million
Second According to technical analyst Kyle Doops, the TON blockchain’s TVL saw an unprecedented surge, reaching $608.65 million and doubling its value in three weeks.
For Doops, this increase can be attributed to TON’s integration with Telegram, leveraging its large consumer base of over 900 million users. Additionally, protocols such as DeDust, bemo, and Stakee have seen significant increases in their TVL, contributing to the growth of the TON ecosystem.
AS reported by NewsBTC, Telegram has introduced a new advertising feature that allows users to promote their channels through ad placement. To facilitate fast and secure advertising payments and withdrawals, Telegram CEO Pavel Durov exclusively chose the TON blockchain.
Pavel explained that users can now purchase advertising space with Toncoin and the revenue generated from ads will be shared with channel owners in Toncoin. According to the CEO of the social media platform, this approach creates a “virtuous circle”, allowing content creators to do so reinvest the proceeds in channel promotion and updates.
Additionally, daily active wallets on the TON network have reached over 388,000, with monthly active wallets exceeding 5.5 million. Cryptographic researcher Leon Waidmann Notes that TON’s increase in active wallets surpasses even Coinbase’s BASE Layer 2 (L2), setting a new standard for growth and adoption in the cryptocurrency industry.
Analysts predict a potential 40% breakout for Toncoin
Although TON saw a slight decline of 1.2% in the last 24 hours, trading volume increased by 22%, indicating strong investor interest in the token, according to CoinGecko data.
Despite the short-term corrections, TON proved it significant gains at various time intervals, with increases of 11%, 18% and 22% in the last seven, fourteen and thirty days respectively.
In a bullish projection for the price of Toncoin, crypto analyst Ali Martinez suggest that TON could be preparing for a potential 40% breakout, targeting a price of $11.
However, the analyst added that the TD Sequential indicator suggests a potential drop to $7.2 to raise liquidity before an upward move. In the near term, key support levels include $7.78, which prevented a deeper retracement for the token, and the $8.17 resistance.
Featured image from DALL-E, chart from TradingView.com