What’s Next For Toncoin Price After Reaching 100 Million Holders?

Toncoin (TON) price has entered a slight downturn after weeks of bullish momentum. This dip emerges as selling pressure builds across the cryptocurrency market, affecting multiple digital assets. Following a significant surge, the market is now experiencing a correction. Despite this, the TON network’s user base has seen substantial growth.

Toncoin Price Fluctuates Amid 100 Million Holders

Toncoin price experiences a notable impact as The Open Network (TON) celebrates reaching 100 million holders. This milestone represents significant growth from the 4.3 million holders recorded at the start of the year. In this context, a holder refers to a unique address maintaining a non-zero balance on the network.

$TON Holder Count reaches 100 million

“At the beginning of the year, the number of holders was ‘only’ 4.3 million. This shows that #TON has experienced huge growth.” – By @JA_Maartun

Read more 👇 pic.twitter.com/V0Ikl1bkXF

— CryptoQuant.com (@cryptoquant_com) October 8, 2024

The sharp rise in holder numbers underscores TON’s accelerating adoption, particularly in recent months. The introduction of major Telegram gaming tokens on the network, such as Hamster Kombat, contributes to this surge.

Regardless of personal views on TON as a cryptocurrency or network, it’s clear that TON is ushering millions of Telegram users into the cryptocurrency sphere. This expansion is substantially broadening the global crypto community.

Can Toncoin Price Rebound To ATH?

The TON price has seen a 1.41% dip today, currently at $5.21. The telegram-based altcoin’s 24-hour price range has fluctuated between $5.15 and $5.31, reflecting the volatility in the broader crypto market.

Toncoin, which reached an all-time high of $8.24 on June 15, 2024, has now fallen by 36.76%. However, it’s still significantly above its all-time low of $0.3906, recorded on September 20, 2021, marking a massive 1,233.24% gain since then.

The Layer 1 coin is undergoing a notable correction, suggesting the onset of a potential downward trend. Market sentiment shows signs of weakness, which could amplify the current decline. However, if bullish pressure intensifies, the TON price might break through the $6 resistance level. If this momentum continues, it could drive the price toward its all-time high of $8.24.

The Moving Average Convergence Divergence (MACD) indicator shows a minor bullish crossover. The MACD line has crossed above the signal line, signaling a potential reversal. However, the MACD histogram remains near neutral territory, indicating the market has yet to gain bullish momentum.

After reaching 100 million holders, Toncoin’s price faces a correction, but its growing user base may provide recovery support. The price could rebound if bullish momentum returns, with the potential to challenge its all-time high in the coming months.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.