Toncoin Price Rally Targets $8 As Addresses With Balance Hit 40M

Toncoin price bounced 4.2% to $6.47 during the U.S. trading session on Monday. The new week started bullish for most major altcoins, projecting market stability to recover losses from the July correction. Though Bitcoin’s struggles to surpass the $60,000 mark still dampen broader market optimism, the TON network displays promising growth, fueled by its recent listings on major exchanges and record surge in on-chain metrics.

Toncoin Price Gain Momentum Post-Binance Listing

On August 8th, Binance, a leading cryptocurrency exchange, listed Toncoin with trading pairs, including TON/BTC, TON/USDT, and TON/FDUSD. This development marks a significant milestone for the Ton blockchain, boosting the token’s visibility and accessibility to a broader market. The Toncoin price is 18% up from the listing date to trade at $6.4, while the market cap has boosted to $16.2 Billion.

Additionally, this Telegram-linked cryptocurrency has witnessed remarkable growth in on-chain metrics, highlighting its impressive growth throughout 2024. The number of addresses with a balance on the Ton network surged from 3.6 million on January 1st to 39.5 million today, registering an increase of 997%.

This rapid expansion underscores the increasing adoption and activity within the ecosystem, positioning it as a rapidly growing player in the blockchain space.

TON Price Eyes Bullish Breakout Amid Reversal Pattern Formation

The Toncoin price daily chart shows a V-shaped recovery in the first two weeks of August. The bullish turnaround uplifted the asset from $4.72 to $6.8 high, registering a 44.6%. 

Although the coin price reverted slightly from the recent sell-off, this pullback suggests the potential formation of an inverted head and shoulders pattern. This chart pattern consists of three troughs, with the middle trough (the head) being deeper than the two others (the shoulders), typically indicating a reversal from a downtrend to an uptrend.

A bullish crossover between the MACD (blue) and signal (orange) lines accentuate this asset’s renewed recovery momentum. 

Under the influence of the reversal pattern, the Toncoin price could breach $6.86, setting the stage for a 32% rally to $9.

On the other hand, if the TON price breaks $6 support, the seller will drive a 27% fall to $4.7, invalidating the bullish thesis.