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Toncoin: Can thriving dApps push TON’s price to $5?

2min Read

The growth of dApps on TON blockchain could serve as precedent toa potential price hike for the L1 altcoin.

Toncoin: Can thriving dApps on TON blockchain propel price to $5?
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  • The growth in TON dApps highlights the rising demand for DeFi solutions, cross-chain functionality, and tools on the blockchain.
  • The price action of Toncoin broke through the downtrend channel, signaling a potential change in trend if the breakout is sustained.

The growth in dApps on the Toncoin [TON] blockchain highlighted the rising demand for DeFi solutions, cross-chain functionality, and tools across the broader crypto.

Demand for developing meme tokens remained strong on STON.fi, which retained its position as the largest TON dApp despite a 13.1% decrease in users, dropping to 91.5K.

GOAT dApp experienced remarkable growth, surging by 1,519% to reach 7.12K users, driven by high demand for AI-based gaming apps.

In contrast, DeDust and Velo saw significant declines, with user counts falling to 46.9K (-65.9%) and 43.9K (-78.3%), respectively.

Similarly, Dropee reported a user base of 43K, reflecting an 18.4% decline, while Blum dropped to 19.2K users, down by 55.4%, due to gaming-related issues.

Source: X

TON’s declining user base could hinder its growth potential in DeFi development, reducing both liquidity and developer engagement.

However, the gaming sector’s growth offers a chance to offset this decline and sustain participant interest.

A price rebound for TON is likely if developers integrate its ecosystem into future projects. The network’s price potential can be gauged by monitoring activity trends, as increased network activity may drive value comparable to other L1 networks.

Maintaining user retention and consistent development will be crucial for TON’s DeFi ecosystem to thrive.

Can TON hold above-broken resistance?

For the price action, the descending channel break by Toncoin indicated a potential change in market direction. Volume bars increased as TON broke out at $3.50, which reaffirmed the bullish market trend.

Toncoin, as of press time, was trading at $3.74 as it tested past resistance, which has transformed into support levels. Toncoin has the potential to move higher toward $4.50-$5.00 resistance if it maintains its position above the descending trend channel.

The price crossing $5.00 will mark a total trend turnaround that could lead to price action toward $6.50 and beyond, which consists of a significant supply region.

TON needs to maintain its position above $3.70 so that support levels at $3.00-$3.10 remain intact.

TON

Source: Trading View

If TON closes below $3.00, it could face a bearish reversal of its breakout pattern, potentially leading to a price drop toward the $2.50–$2.70 range.

For a bullish breakout to succeed, TON must hold higher levels between $3.70 and $3.75 or retrace into this range for confirmation.

Increasing buying interest, as indicated by volume trends, suggests that if TON stays above its key support zone, a price rise to $5.00 is achievable.

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Lennox Gitonga is a Financial Market and On-Chain Analyst at AMBCrypto, bringing the rigor of traditional financial analysis to the digital asset space. With a Bachelor of Commerce in Finance, he possesses a strong academic foundation in market principles and investment analysis. His expertise is sharpened by hands-on experience as a professional equities trader and financial analyst, where he honed his skills in analyzing complex market structures. Since transitioning his focus to cryptocurrency in 2019, Lennox has applied this disciplined approach to the blockchain sector. He specializes in providing in-depth analysis on both a technical and on-chain level, interpreting everything from price action and chart patterns to network health and transactional data. At AMBCrypto, Lennox is dedicated to translating this multifaceted data into clear, actionable insights. His work empowers readers by making sophisticated market analysis accessible, helping them understand the key drivers behind cryptocurrency valuations and trends.
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