Toncoin Drops 0.877% Despite Rising Activity

Toncoin's latest price was $2.94, down 0.877% in the last 24 hours. The cryptocurrency has been gaining attention due to its increasing chain activity and the growing number of daily active addresses. According to IntoTheBlock, the number of daily active addresses on the TON network has been trending near 465,000, which is a significant rise from the lows seen in May. This increase in activity is driven by various factors, including the rising popularity of NFT minting on the TON network, which set a weekly record with over 2,000 deployments. Additionally, Telegram mini-apps continue to drive network traffic, contributing to the overall activity on the TON blockchain.

Despite the increase in activity, Toncoin has not yet seen a significant breakout in price. Funding on perpetuals slipped negative on Wednesday, and Deribit options skew tilts bearish through July, suggesting that traders expect a churn under certain levels. Chart resistance sits at a specific level, and failure there leaves room for dips toward another level. TON holders are betting that Telegram’s on-board user base will eventually drive a supply squeeze, but the market has not yet confirmed this narrative.

Toncoin's recent price action has shown signs of a potential breakout, with the digital asset shifting above key levels. According to CoinMarketCap data, Toncoin has successfully broken a long-standing downward trendline on its daily chart, which could pave the way for further gains if buyers maintain support above a certain level. Market watchers believe that if momentum returns and volume increases, the digital asset could target higher levels. Historical data shows that Toncoin last reached a certain level on a specific date, which was preceded by a talk by Telegram founder Pavel Durov, who reported on TON’s support and the system of its ecosystem.

Currently, one of the resistance levels is at a specific point, where blockchain analyst Ali Martinez cited that approximately 1.21 million wallets purchased Toncoin. When these holders choose to sell off, the asset is likely to incur a new round of selling pressure. Alternatively, investors should be optimistic and give it a lifeline. This is the most critical stage of the Toncoin trajectory because the market is on edge to find out whether the coin will gain the requisite volume to support the hike. Its short-term path will probably be dictated by ecosystem support and investor opinion.

Toncoin’s recent price performance signals early strength, but the lack of trading volume raises uncertainty. Sustained support and renewed investor confidence will be critical for any potential move toward higher levels. The market is keenly waiting to see a breakout confirmed, and the recent bearish mood on the market may continue to make many hold their ground. The gap lends credence to the fact that investors were skeptical and might not have looked forward to a u-turn within a very short time.

In summary, Toncoin has been gaining attention due to its increasing chain activity and the growing number of daily active addresses. Despite the increase in activity, Toncoin has not yet seen a significant breakout in price. Toncoin's recent price action has shown signs of a potential breakout, with the digital asset shifting above key levels. The market is keenly waiting to see a breakout confirmed, and the recent bearish mood on the market may continue to make many hold their ground. Sustained support and renewed investor confidence will be critical for any potential move toward higher levels.