Altcoins

Toncoin Price Surges: Defying the Bearish Crypto Market Sentiment

Published

8 months ago

September 4, 2023

Crispus

Toncoin price has recorded significant gains over the past few weeks despite the decline in crypto market sentiment. The asset has jumped by more than 57% in the year to date and nearly 26% in the past week. Even so, Toncoin remains 13% lower in the year to date. Toncoin’s total market cap has climbed over the past few days to $6.5 billion, ranking it 11^th in the cryptocurrency market.

What is Toncoin?

Toncoin is a decentralized layer-1 blockchain created by brothers Nikolai and Pavel Durov and later developed by the encrypted messaging platform Telegram in 2018. The project was taken over by the TON Foundation which was later renamed from “Telegram Open Network” to “The Open Network”. Toncoin utilizes the proof-of-stake consensus model network for reliability and scalability, and to validate transactions.

The developers focus on scalability, efficiency, and mass adoption. The network provides ultra-fast transactions, verifying and processing a massive number of transactions per second. The TON network offers several services, including the TON wallet, a built-in wallet function designed to transfer funds and interact with platform services. According to the TON website, the platform provides its customers with fast, transparent, and secure payment services.

TON’s Performance

The crypto market has been moving slowly over the past few days, with the premier cryptocurrency Bitcoin, struggling below the crucial level of $26,000. On the other hand, Toncoin price continues to defy current market movements, posting significant gains over the past week. Toncoin has been among the best-performing altcoins over the past few days, with major altcoins such as Ethereum and XRP succumbing to general market sentiment.

Data by CoinGecko shows that the value of the digital currency has grown by more than 35% over the past week. The upside in the asset’s performance has been buoyed by the growing developer activity in the Toncoin network. The number of monthly developers actively working on the proof-of-stake blockchain has jumped by more than 40% since the start of the year, driving the demand for the token higher.

Despite a decline in the number of TON whale transactions, the amount of TON’s supply on exchanges has skyrocketed in the past two weeks. The total amount of Toncoin on exchanges has jumped by more than 15% during the period. The confluence of these factors has renewed bullish momentum for the asset after a bumpy summer.

Toncoin Price Technical Analysis

The daily chart shows that the Toncoin price has been on a strong bullish run for the past few weeks, jumping to its highest level since May 2023. The asset remains above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI), which measures the balance between the buying and selling pressure of an asset, is in the overbought region at 74.

Therefore, the Toncoin price is likely to climb higher in the ensuing sessions as bulls eye the important resistance level of $2.00. If this happens, the next resistance level to watch will be $2.2290. However, a move below the 200-day EMA at $1.680 will invalidate my bullish thesis, pushing the price lower to the next support at $1.500.

TON Price Chart

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6^th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…