Toncoin Price Prediction – Why TON Could Test $10 Soon

Toncoin continues gaining upside momentum and is now well on its way to the top 10 largest cryptocurrencies by market capitalization. As of 08:02 UTC+0, Toncoin was trading at $5.35, up 8% in 24 hours. Toncoin’s sustained momentum is due to a confluence of factors that Ton could test $10 soon in the short term.

More Projects Are Launching On Ton Blockchain 

One of these factors is the increased number of highly successful projects launching on the Ton blockchain. Several of them have recorded significant price increases and user attention in the past week, with FISH and Raffles leading the way. Several others have come up this week, including TON Pet, which is just one day from launch and has already raised 560 TON tokens. Since all these upcoming projects are locking up TON coins, the demand and supply dynamics for Toncoin are improving. 

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The Efficiency Of The Ton Blockchain

Even better is that the odds are high for more projects to choose Ton blockchain over other chains out there. That’s because the Ton blockchain ticks all the boxes on what anyone looking to launch a token wants in a blockchain – scalability, decentralization, and security. On scalability and fees, Ton blockchain easily outranks its famous competitors, such as Solana. This means that as alt season kicks in, many developers could be looking to capitalize on the Ton blockchain to launch tokens.

Toncoin (TON) Blockchain Breaks Record for World’s Fastest Network, Beating Solana, Polygon, Visa, and MasterCard https://t.co/lls3VPaWT2

— TON Coin (@toncoin) November 3, 2023

Signals to this are already there with meme coins like the upcoming Ton Pet, which is now set to go live on the ton blockchain. The impact of an increase in such token launches is that the demand for TON coin, the native token, will likely increase substantially. The effect is already showing in the price of Toncoin, and if the dynamics of token launches remain as they are at the moment, then Toncoin could easily be headed to $10 in the week, and prices above $20 in coming weeks. 

Demand Within Telegram Is High

On top of the increased demand for Toncoin on the Ton blockchain, investors are increasingly turning to Toncoin for the fact that there is growing demand for Ton within Telegram, the associated social messaging site.  Recently, Telegram announced a revenue sharing formula with channel creators. While this is big news, the bigger news is that all these payments will be made exclusively in TON.

This means Toncoin now has a level of utility that not many cryptocurrencies can match. It also means that investors now have a level of trust in Toncoin as an investment that may not be available for most cryptocurrencies. With alt-season expected to start with the upcoming Bitcoin halving, the odds are that Toncoin could easily be headed to prices unimaginable at the moment, possibly $50 or more. 

Excitement About Telegram IPO

Still, on Toncoin’s connection to Telegram, the social messaging giant recently announced that it was looking to IPO. After the massive success of the Reddit IPO, the odds are that investors will continue to gravitate to Toncoin in anticipation of similar success, which could significantly boost the profile of Toncoin. 

Toncoin Consolidating But Overall Momentum Remains Bullish

After a price rally earlier in the day, Toncoin seems to be entering an intra-day consolidation phase between $5.552 and $5.283. However, buying volumes remain high. 

If bulls can retake control and push Toncoin through the $5.552 resistance, then it would open the way for Toncoin to test $6 in hours. This could also be the trigger that draws in buyers, pushing Toncoin to $10 today.

However, if volumes drop, two scenarios could play out. The first is a continuation of the consolidation between $5.552 and the day’s support of $5.283. 

On the other hand, if short selling and profit-taking takes over, the critical level to watch would be the day’s support level of $5.283. If this support level is broken, prices below $5 could be tested.

Toncoin Price Prediction – Why TON Is About To Hit $10

While any of the above scenarios could play out today, the odds are higher that TON could hit $10 in the day. That’s because the growing number of projects launching on the Ton blockchain adds to the demand for Ton. Also, FOMO could kick in with TON set to flip AVAX and make it to the top 10 by market cap.

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