Toncoin (TON), the native token of The Open Network, recorded one of the best results this cycle. The token hit a recent all-time high (ATH) twice this Friday and has rolled over busy Ethereum users this week. Market observers believe this breakout and recent performance could set the stage for a rally towards the $10 level.
Toncoin sets recent all-time high at $8
Cryptocurrency analyst Ali Martinez recently said that Toncoin is on the verge of a major breakout. The analyst highlighted the ascending triangle pattern on the TON chart and suggested that the token is preparing to break 40% above the $10 price range.
On Thursday evening, the token successfully tested the $7.7 resistance level, surpassing its all-time high of $7.76. In the following hours, TON continued its upward trend, briefly breaking through the resistance level at $8.
After setting a recent ATH, Toncoin retreated below the $8 level. TON traded in a price range of $7.8 to $7.9 before reaching the second milestone again within 24 hours.
On Friday, the Telegram-integrated token rose 5% to a recent ATH of $8.15. This enhance represents an enhance of 9% compared to the previous day. Moreover, TON shows increases of 7.7% and 17.6% on weekly and monthly intervals.
The cryptocurrency community praised Toncoin’s performance, highlighting TON’s green numbers amid a market slowdown. GeckoTerminal has released a list of the top 10 cryptocurrencies in terms of market capitalization. Among the assets, TON is currently the only token to perform positively in the “carnage of the last 7 days”.
Is TON the recent SOL?
Crypto analysts have taken notice of TON’s recent performance, with many believing a double-digit summer target is possible. The bullish sentiment towards TON has led several analysts, including Martinez and Daan Crypto, to set another target for the token above the $10 price range.
Altcoin Sherpa he said the token remains one of the “strongest charts in cryptocurrency.” The analyst previously said it was “only a matter of time” for TON to break through.
Likewise, some community members believe that Toncoin could be the recent Solana (SOL). For some, the token’s performance is reminiscent of SOL from the previous cycle. Cryptocurrency trader ImNotTheWolf he believes “TON will become the new SOL in terms of profit potential.”
Another market observer highlighted the token’s strength in the market. WiseAnalyse suggested that TON is “the only powerful chart on the market” due to its real-world exploit and adoption. As reported by NewsBTC, Toncoin recently surpassed Ethereum (ETH) in terms of daily busy addresses. This feat was attributed to its integration with Telegram and its 900 million user base.
Unchained spoke on this matter, stating that the Open Network blockchain could be the next Solana thanks to “as it challenges historic smart contract leader Ethereum.” The report highlights TON’s performance and community optimism despite the difference from Solana:
While TON lags behind Solana, TON’s daily busy addresses exceed Ethereum’s data every day, except for one so far in June. Some believe that TON could close the gap in terms of market capitalization with Solana.
Featured image from Unsplash.com, chart from TradingView.com
