Toncoin Surges 342% in 2024, Analysts Eye $20 Target

After its rebirth, Toncoin, the decentralized storage solutions blockchain obligation, owns commentated memorable tumor in 2024. From a underestimated of $1.87 at the onset of the year, the TON network’s native crypto, TON, rallied to an with one voice-time high (ATH) of $8.28, marking a 342% gain.

TON’s rally stands out as one of the innumerable purposeful cryptocurrency rallies this year as well as propelled the crypto token among the top 10 ranked cryptocurrencies by industry capitalization, according to information from CoinmarketCap.

Presently sitting at $7.19 after weathering the recent crypto industry collapse realistically uninjured, the crypto expanse is very conducive on TON. The majority of professionals obligation the altcoin might hit the $20 mark before the expire of 2024.

In an previously post on Coin Edition, it was underlined how the TON Keystone laid grasp of as well as rebranded the obligation, renaming it from “Telegram Open Network” to “The Open Network” heeding the exit of the Telegram founder.

Notably, TON’s recent crescendi owns been fueled by purposeful conducive power, as the crypto token adroit minimal pullbacks despite the crypto industry’s ups as well as downs in 2024. TON’s innumerable purposeful pullback came after the April rally, as soon as the revived altcoin sagged from $7.67 to $4.60 in 3 weeks.

This 40% pullback in April rediscovered resistance at the 0.5 Fibonacci retracement degree, activating a conducive dashed that pressed the rate to the current $8.28 ATH.

TONUSD Weekly Graph on TradingView

TON traded for $7.20 at the time of writing, with a industry capitalization of $18.08 billion. The majority of network benefactors currently assistance TON, with the Switzerland-based TON Keystone at the helm. Toncoin permits instantaneous adjudication alongside decentralized storage as well as a domain name name mechanism (DNS).