TON blockchain's TVL hits record high with a 100% surge, analysts bullish on the next price target
The native cryptocurrency Toncoin of the open network (TON) blockchain has recently experienced significant price appreciation and rapid ecosystem growth. Since 2022, after a period of consolidation between 1 and 2 US dollars, the price of TON soared to a historic high of 8.25 US dollars on June 15th.
This achievement is accompanied by a significant increase in the Total Value Locked (TVL) of the TON blockchain, which has doubled from $300 million. According to technical analyst Kyle Doops, the TVL of the TON blockchain has experienced an unprecedented surge, reaching $608.65 million, doubling its value in three weeks.
For Doops, this growth can be attributed to the integration of TON and Telegram, leveraging its widespread consumer base of over 900 million users. In addition, the TVL of protocols such as DeDust, bemo, and Stakee have also significantly increased, promoting the development of the TON ecosystem.
According to reports, Telegram has launched a new advertising feature that allows users to promote their channels through ad placements. In order to facilitate quick, secure payments and withdrawals for ads, Telegram CEO Pavel Durov has exclusively chosen the TON blockchain.
Pavel explained that users can now purchase advertising space with Toncoins, and the revenue generated from the ads will be shared with the channel owners in Toncoin. According to the CEO of the social media platform, this approach creates a "virtuous cycle" that allows content creators to reinvest their earnings in channel promotion and upgrades.
In addition, the number of daily active wallets on the TON network has exceeded 388,000, and the number of monthly active wallets has exceeded 5.5 million. Cryptocurrency researcher Leon Waidmann pointed out that the growth of active wallets on TON even exceeds that of Layer 2 (L2) BASE, setting a new standard for the growth and adoption of the cryptocurrency industry.
According to the data, although TON has dropped slightly by 1.2% in the past 24 hours, the volume has increased by 22%, indicating strong investor interest in the token. Despite the short-term adjustment, TON has shown significant growth in various time periods, rising by 11%, 18%, and 22% in the past seven, fourteen, and thirty days, respectively.
Cryptocurrency analyst Ali Martinez has made a bullish prediction for Toncoin's price, suggesting that TON may be preparing for a 40% breakthrough with a target price of $11. However, the analyst adds that the TD Sequential indicator indicates that the coin may fall to $7.2 before the uptrend to gather liquidity. In the short term, key support levels include $7.78, which prevents further retracement of the coin, and the resistance level of $8.17.
(Data Source: Ronaldo Marquez)
