Toncoin’s $12.5 Billion Market Cap Overtakes Cardano and Avalanche to Claim Top 10 Status

Analysis:

Toncoin price rebounded above $4.92 on Oct 26, as rising demand for native Telegram-based games propelled TON market cap above its rival Layer-1 coins, Cardano (ADA), and Avalanche (AVAX).

With technical indicators flashing bullish signals, is TON price poised reclaim the $5 mark in the days head?

Toncoin Overtakes ADA, Avalanche to Break into Top 10

After a positive start to the month, Toncoin price has struggled to gain traction in the second half of October 2024. However, a broader look across the altcoin sector shows that TON had shown stronger resilience, which saw its market cap over take the likes of Caradano (ADA) and Avalanche (AVAX).

Emphasizing this narrative, the TradingView chart above compares the Toncoin’s 7-day price action to Avalanche’s.

As seen above, Toncoin price is hovering above the $4.91 level at the time of publication on October 26, reflecting 9.56% dip over the last 7-days. In comparison, AVAXUSD 7-day price chart highlighted in red shows a 14.9% correction between Oct 20 to Oct 26.

Having outperformed its rival layer-1 coins over the past week, Toncoin market capitalization has now broken into the top 10 ranked crypto assets.

The chart above shows that, with Toncoin price trending at $4.92 on Oct 26, and a circulating supply of 2.45 billion TON, its market capitalization has now crossed the $12.5 billon mark.

Having showed stronger ressillence in second-half of October 2024, Toncoin now ranks 10th within the global cryptocurrency sector, just behind Dogecoin (DOGE) and Justin Sun-led Tron network (TRX).

Telegram Games Propelling TON Ecosystem Adoption

With Solana memecoins dominating media headlines in October 2024, Telegram-based Games hosted on Toncoin are also gaining traction. The rising demand for Telegram games was a major catalysts that helped Toncoin break into top 10 cryptomarket rankings this week.

According to Coinmarketcap data, the aggregate valuation of Toincoin Ecosystem tokens crossed the $14 billion mark as of Oct 26. This represents a major positive milestone as the ecosystem is now valued greater the TON native coin’s market cap.

This highlights growing investor confidence and expansion of projects within the Toncoin ecosystem, signaling its transformation from an ecosystem dependent on a single-token to a robust network of multiple valuable projects.

With the ecosystem valuation now greater than TON, it demonstrates increased utility, adoption, and the growing popularity Toncoin-based decentralized applications, Bots, and Telegram games.

In recent months, Telegram-games like Notcoin (NOT) Hamster Kombat (HMSTR) and Dogs have gained considerable popularity, ranking top 4 within the Toncoin ecosystem.

Evidently, the rising popularity of the Telegram-based has held shore-up demand for TON in October 2024.

Toncoin Price Forecast: TON Set to Retake $5 Resistance

Toncoin (TON) is currently trading around $4.92, showing signs of resilience after a recent 5-day decline that saw it lose nearly 9.5% in value.

A closer look at the Bollinger Bands and the Detrended Price Oscillator (DPO) technical indicators the TONUSD daily chart, reveals TON price looks set to reclaim the $5 resistance level.

The Bollinger Bands, shows that TON is currently trading below the 20-day SMA, of $5.17 and recently tested the lower band at $4.91, signaling oversold conditions.

More so narrowing bands suggest reduced volatility, potentially setting the stage for a trend reversal.

The Detrended Price Oscillator (DPO), currently at -0.49, suggests bearish momentum is waning. Should the DPO continue trending upward, it would validate an upward move, especially if accompanied by a breach of the $5 resistance.

If TON can close above consecutive daily trading sessions above $4.90, it may see a retest of the middle band, around $5.17, with the upper band at $5.43 presenting the next key upside target.

On the downside failure to hold above $4.90 could expose TON to further downside risks, likely retesting $4.75 before finding major support.