Toncoin Price Explodes With 17% Rally — Can TON Sustain The Momentum?

Opeyemi Sule

6 months ago

2 mins read

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Toncoin price performance has been one of the brightest spots in the cryptocurrency market in a week that has been rather slow for the large-cap assets. While Bitcoin has struggled to achieve its dream of a $100,000 valuation, tokens like Toncoin (TON), Stellar (XLM), and XRP have continued to soar with double-digit returns.

Specifically, TON seems to be finally coming to life after a somewhat sluggish start to the month of November. However, the question that would probably be lingering on several investors’ minds is — how long can the Toncoin price sustain this bullish momentum?

Is TON Price Going To Continue Upward Trend?

In a Quicktake post on CryptoQuant, an analyst with the pseudonym Darkfost shared an exciting analysis for the price of Toncoin over the next few weeks. According to the pundit, on-chain signals are currently bullish for the altcoin’s price.

The relevant metric here is the “90-day percent return,” which measures the percentage change in the price of an asset over the last 90 days. It typically tracks the performance of the cryptocurrency within that period while providing insight into its short-term trend and momentum.

According to data from CryptoQuant, the TON 90-day percent return recently turned positive following the upward movement of the Toncoin price. From a historical standpoint, when this metric flips to positive, the price action that follows is usually with significant momentum.

Ultimately, this shift in the 90-day percent return suggests that investors’ confidence is increasing and are more willing to hold their assets. This is usually in anticipation of higher prices, as investors are expecting the bullish trend to continue.

According to the Quicktake analyst, another on-chain signal that supports the bullish prognosis is the percentage change in open interest. Data from CryptoQuant shows that the on-chain metric has also flipped to positive, suggesting a continuation of the current bullish trend.

Toncoin Price At A Glance

As of this writing, the price of Toncoin stands at around $6.526, reflecting no significant change in the past day. The altcoin is still up by almost 18% on the weekly timeframe, according to CoinGecko data.

This recent bullish run pushed the price of TON back above $6.5 for the first time since late August. Following the token’s fall to around $4.5 in September, the price has been moving mostly sideways before climbing the latest high this month.

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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