TON Reaches a Record of 946 Daily Active Addresses, a 7x Increase Since July 2021

The TON Masterchain has reached a record of 946 daily active addresses, a 7x increase since July 2021, as Kyledoops noted on X (formerly Twitter).

The TON Masterchain has achieved a record high of 946 daily active addresses, marking a 7x increase since July 2021, as highlighted by Kyledoops on X (formerly known as Twitter).

This remarkable growth is attributed to the increasing network activity, the expansion of dApps and work chains, and the potential surge in demand for Toncoin [TON].

While some analysts have suggested that the TON blockchain may be a bubble due to its low daily active user count, broader market metrics paint a different picture, indicating the network’s strong progress and potential in the long term.

Here's a closer look at some key technical indicators for Toncoin:

1. Toncoin has shown strong support as a top coin to hold. The TON/USDT weekly chart features a reversal candle with a long tail, indicating bullish pressure, which is further supported by growing volume in recent weeks.

Moreover, the Bollinger Bands are tightening, suggesting a potential squeeze. However, considering the recent breakout to the downside, the best bet lies in a breakout to the upside.

2. On the daily time frame, Toncoin is approaching a breakout above the 100 simple moving average, which has been presenting some resistance.

However, it's likely that TON will soon break this level and remain above it.

A potential 50-60% bullish wave is expected in the near future, with $10 per TON being a realistic target for traders and investors, suggesting strong upward momentum ahead.

3. Altcoins are preparing for a significant breakout after a retracement above the range. This retracement has formed a bull flag, a pattern that is often linked to upcoming bullish runs.

The market is gearing up for an altcoin season, with new memecoins like DOGS, created by Pavel Durov, CEO of Telegram, already being used to generate liquidity in TON.

The stage is set for a strong rally across the altcoin market.

Meanwhile, global liquidity is on the verge of a breakout, with Bitcoin [BTC] and altcoins set to surge. According to data from the Bitcoin Strategy Platform, liquidity has dropped to over $80 trillion.

Combined with USDT minting, this could cause significant gains for TON and other crypto assets. Expect major price increases in late Q3 or early Q4 of 2024.

At press time, TON’s market cap was $16.82 billion, with a fully diluted market cap of $34 billion.

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The trading volume in the last 24 hours was $227 million, and the volume-to-market cap ratio was 1.4%, indicating adequate liquidity.

At press time, the circulating supply stood at 2.53 billion out of a total of 5.1 billion TON tokens.

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