- The price of TON has risen significantly in the past 24 hours
- While the activity on the network increased, the revenues generated by the protocol decreased
Toncoin [TON] Despite being one of the most underrated assets in the market, TON has been a strong performer. Over the last couple of months, TON is outperforming many crypto-assets in various sectors.
It’s the latest rally by TON
The price of TON, for example, has risen 17.74% in the last day. The price of TON was previously exhibiting a downward trend since 11 April. The latest price increase is significant enough to suggest a trend change. CMF (Chaikin money flow) has risen over the past few days. This indicates that more and more cash is flowing to TON.
On the contrary, the RSI (Relative Strength Index) for TON climbed well above neutral – A sign that it may be in an overbought position and its price could see a slight correction in the future.
Source: Trading View
The launch of NotcoinThe community token was used to onboard users in web3 via a mining mechanism that involved tapping.
There are still a few problems with the token despite its price increase. For example, the network growth of TON has dropped significantly in recent days. The TON token has lost its appeal to new addresses.
Moreover, the velocity around the TON token also fell – Evidence of the frequency with which TON was being traded having declined.
You can read more about it here Toncoin’s [TON] Price Prediction 2024-25
The factors listed above could be harmful to TON over the long term and hinder its ability to rise.
Santiment
Look at the Data
TON MVRV also rose, indicating that the addresses were becoming more profitable. The addresses are then encouraged to liquidate their assets, which can negatively affect the price of TON.
The Long/Short Ratio for TON has also increased during this time, which indicates a rise in long-term holders. It’s important to note that long-term investors are less likely than short-term ones to react impulsively and sell their investments in response to fluctuations on the market.
Santiment
The protocol also performed well in terms of the overall activities.
In the past few weeks, the number of daily active users has increased from 175,000 up to 270.000. Surprisingly, however, revenue generated by this network dropped significantly over the last few weeks.
You can read more about it here Toncoin’s [TON] Price Prediction 2024-25
Source: Token Terminal
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Source: ambcrypto.com
