- TON fell from the $6 price level on the charts
- TON volume, however, maintained its upward trend
The Open Network (TON) recently saw a notable increase in social volume, partly due to the launch of coin minting for one of its mini-apps, Hamster Kombat. This renewed attention has positioned TON as one of the trending cryptocurrencies in the market, with market indicators presenting both bullish and bearish scenarios for the asset.
TON’s social volume on the rise
Data from Santiment revealed that Toncoin’s social volume exceeded 400 in the last two trading sessions. This is a significant rise, considering it has remained below this level for several weeks.
Although this is not a huge spike, it is still a remarkable increase. And that’s a sign of growing interest across the network.
Source: Santiment
Further analysis suggests that TON is currently the seventh most trending token on Santiment. However, sentiment analysis indicated that negative sentiments dominated the trend.
Hamster Kombat’s recent strike event and TON’s price fluctuations have contributed to its prominence among trending assets.
Toncoin’s latest price movement
At the time of writing, Toncoin was trading at $5.933, following a slight decline of 0.79%. The 50-day moving average (yellow line) was $5.755, while the 200-day moving average (blue line) was $6.209.
Price recently broke above the 50-day MA, but remained below the 200-day MA. This may be a sign of a short-term bullish reversal within a long-term downtrend.
Source: TradingView
Technical indicators
Parabolic SAR – The dotted markers were positioned below the price, signaling bullish momentum. This means that buyers have taken control and the uptrend could continue as long as the Parabolic SAR remains favorable.
Average True Range (ATR) – Standing at 0.302, the ATR indicates moderate volatility. The recent decline in ATR could suggest a more stable price trend with less irregular movements.
Bullish and bearish scenarios for Toncoin
If TON manages to maintain its position above the 50-day MA and advance towards the 200-day MA at $6.209, it could confirm a stronger uptrend. Breaking above the 200-day MA would be a strong bullish signal, potentially attracting more buyers and driving the price higher.
Conversely, if TON encounters resistance at the 200-day MA and cannot maintain its position above the 50-day MA, it may fall back to the $5.50 level or lower. In this scenario, the previous downtrend would resume if buyers lose momentum.
Increase in volume of Toncoin and TVL
Finally, data from DefiLlama indicated a positive development in Toncoin’s trading volume. Over the past seven days, volume has increased from around $21 million to over $38 million. There was also a slight increase in total value locked (TVL), which stood at around $439 million at press time – an addition of around $10 million in recent days.
– Read Toncoin (TON) Price Prediction 2024-25
Trading volume could continue to grow as Hamster Kombat coin minting gains traction. If the bullish scenario for TON materializes, TVL could see further increases. This would be a sign of increased investor interest and an influx of capital into the network.
