Toncoin’s 200% Annual Gains- Surprise Surge in 2024

The year 2024 has seen an unexpected rise in Toncoin (TON), the cryptocurrency associated with the Telegram messaging app. It has quietly become one of the year’s best performers, leaving even Bitcoin in the dust. Here is a look at the reasons behind the standout performer’s rise, its current market position, and what experts are predicting for its future.

Toncoin’s Impressive Rise- Outpaces Bitcoin

Toncoin has experienced a remarkable year, surging over 200% in value since the beginning of 2024. This growth significantly outshines Bitcoin’s more modest 42% gain during the same period. The TVL (Total Value Locked) for Toncoin has increased to over $218 million. As of May 2024, Toncoin trades around $6.36 and is, hence, firmly positioned within the top 8 cryptocurrencies in terms of market capitalization (over $22 billion).

This impressive rally is accompanied by other positive indicators. Santiment, a market analysis platform, noted a significant rise in Toncoin’s active addresses, thereby exceeding 110% growth in the past six months. These active addresses represent network users interacting with Toncoin, which suggests increasing adoption and user engagement.

Technical Analysis and Future Potential

Toncoin’s current price sits above a 56 Relative Strength Index (RSI), indicating its potential for continued upward momentum. A bullish scenario could see Toncoin exceed $7.23 and challenge the $8 mark, possibly paving the way for a new all-time high of $9 by the end of 2024. However, some resistance levels exist at $6.52 and $7.23, which Toncoin will need to overcome for further growth.

Technical analysis also reveals a possible contrast between Toncoin and Bitcoin. While Toncoin’s RSI suggests a strong bull trend, Bitcoin’s RSI falls below the neutral line, a factor that hints at a possible bear trend for the leading cryptocurrency.

Network Growth and User Activity

Toncoin’s impressive price surge is accompanied by an increase in network activity. Over the last 30 days, Toncoin has outdone Bitcoin in terms of active addresses. This metric implies a growing user base that is actively engaging with the Toncoin network, which may facilitate sustained growth in the future.

Toncoin vs. Bitcoin (Year-to-Date Performance, May 2024)

However, despite Toncoin’s outperformance, some analysts note a negative sentiment surrounding the cryptocurrency among traders. This sentiment is quite in contrast with the generally positive outlook on Bitcoin. This negativity is reflected in the Funding Rate, an indicator of market sentiment. Bitcoin’s positive Funding Rate suggests traders expect further price increases, whereas Toncoin’s negative Funding Rate indicates a higher number of traders betting on a possible price decline.

Is Toncoin a Promising Contender?

Toncoin’s remarkable growth and network activity make it a cryptocurrency worth watching. While some uncertainties exist regarding trader sentiment, Toncoin’s association with the established and well-known Telegram platform and its focus on user experience make it a promising contender in the competitive and ever-changing crypto landscape.