Altcoins
Toncoin (TON) Price Set to Reach $10 Amid Growing Web3 Developments
The cryptocurrency sector has seen high volatility in recent weeks, fueled by rising speculation and significant on-chain whale activity. The altcoin sector has attracted considerable attention ahead of the upcoming listing of Ethereum spot ETFs in the United States next week.
Toncoin Price Dilemma
The Telegram-based Toncoin (TON) project remains largely uncorrelated with the rest of the cryptocurrency industry. Since March, Toncoin’s price has been recording higher weekly highs and lows, a hallmark of an upward trend.
However, the uptrend in TON price may be nearing an end as the weekly Relative Strength Index (RSI) forms a bearish divergence amid a possible double top.
If Toncoin price continues to correct, the altcoin will find a support level around $5.7, which coincides with the daily Fibonacci extension of 1.618.
Meanwhile, the upcoming listing of spot Ether ETFs in the US next week could trigger a new altcoin rally, including TON. In such a scenario, TON price needs to close consistently above $8.1 to invalidate a possible correction in the following weeks.
Web3 Development on the Rise
The Toncoin network has grown into a top-tier web3 ecosystem, with over $751 million locked by dozens of DeFi protocols. Since strategically partnering with stablecoin issuer Tether, the Toncoin ecosystem has seen its stablecoin market cap rise to around $579 million at the time of this report.
In the latest developments, OKX wallet announced that it has successfully integrated with the Toncoin blockchain to allow users to seamlessly transfer, exchange and manage TON coin and related tokens such as Notcoin (NOT).