Toncoin (TON) is facing a significant hurdle at the $5 price range, with a massive sell wall of 46.19 million TON blocking further gains. This resistance has stalled the cryptocurrency’s momentum, leaving investors wondering if Toncoin can break free from this stagnation.
Toncoin Performance and Market Standing
As of now, TON is trading at $6.56, reflecting a 19% uprise in the past 24 hours. With a market capitalization of $16.6 billion, TON ranks as the 12th-largest cryptocurrency.
Earlier this month, Toncoin surged to $5, buoyed by bullish market sentiment. Experts have predicted a potential $100 valuation for TON by 2025, assuming sustained adoption and network growth. Its partnership with Tether, which launched a Dirham-pegged stablecoin on the TON blockchain, has further enhanced liquidity and adoption.
Key Resistance Levels Hindering Toncoin
Currently, 40.13% of TON holders are “out of the money,” having purchased at higher prices. Meanwhile, 35.6% of holders are “in the money,” per IntoTheBlock data. A sell wall between $5.69 and $6.05, involving 46.19 million TON, presents a major obstacle.
Over 13 million addresses could potentially sell their holdings at this price level, making it difficult for TON to break out of its consolidation range. Analysts caution that failure to overcome this resistance could lead to a significant price drop.
Toncoin Ecosystem: Promising Developments Amid Stagnation
Despite price stagnation, Toncoin’s ecosystem continues to grow. The supply of stablecoins on TON surged 13 times between April and October 2024, reaching a total market cap of $767 million.
Additionally, OKX Ventures, The Open Platform, and Folius Ventures have launched a $10 million Telegram Growth Hub. This initiative aims to boost The Open Network by funding innovative projects that can drive adoption and support Toncoin’s price recovery.
Will Toncoin Reclaim Momentum?
Toncoin’s future hinges on its ability to break past the $5.69–$6.05 sell wall. A breakthrough could signal a strong upward trajectory, while failure may lead to further declines. With ongoing ecosystem growth and partnerships, TON remains a project to watch.
