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Toncoin (TON), the native token of The Open Network, has had one of the best performances this cycle. The token has hit a new all-time high (ATH) twice this Friday and flipped Ethereum’s active users this week. Market watchers believe this breakout and recent performance could set the stage for a rally toward the $10 mark.
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Toncoin Sets New $8 All-Time High
Crypto analyst Ali Martinez recently said Toncoin was on the verge of a major breakout. The analyst highlighted the ascending triangle pattern on TON’s chart and suggested the token was gearing up for a 40% breakout above the $10 price range.
On Thursday night, the token successfully tested the $7.7 resistance level, surpassing its all-time high of $7.76. TON continued its uptrend in the following hours, briefly breaking above the $8 resistance level.
After setting its new ATH, Toncoin retraced below the $8 mark. TON hovered between the $7.8 and $7.9 price range before restarting its rise to a second milestone in 24 hours.
On Friday, the Telegram-integrated token soared 5% to its new ATH of $8.15. This surge represents a 9% increase from the day before. Moreover, TON displays a 7.7% and 17.6% increase in the weekly and monthly timeframes.
The crypto community praised Toncoin’s performance, highlighting TON’s green numbers amid the market slowdown. GeckoTerminal shared the list of the top 10 cryptocurrencies by market capitalization. Among the assets, TON is currently the only token with a positive performance in the “last 7 days carnage.”
Is TON The New SOL?
Crypto analysts took notice of TON’s recent performance, with many believing that a double-digit target for the summer is possible. The bullish sentiment toward TON has made several analysts, including Martinez and Daan Crypto, set their next target for the token above the $10 price range.
Altcoin Sherpa said the token remains one of the “strongest charts in crypto.” The analyst had previously stated that TON’s breakout was “just a matter of time.”
Similarly, some community members think Toncoin could be the new Solana (SOL). To some, the token’s performance resembles SOL’s in the previous cycle. Crypto trader ImNotTheWolf believes “TON will become the new SOL, in terms of gains potential.”
Another market watcher highlighted the token’s strength amid the market. WiseAnalyse suggested TON is “the only strong chart out there” because of its real-life use and adoption. As reported by NewsBTC, Toncoin recently surpassed Ethereum (ETH) in daily active addresses. This feat was attributed to its integration with Telegram and its 900 million user base.
Unchained weighed in on the matter, stating that The Open Network blockchain might be next Solana by “virtue of challenging historical smart contract leader, Ethereum.” The report highlights TON’s performance and the community’s optimism despite its gap with Solana:
While lagging behind Solana, TON’s daily active addresses have exceeded Ethereum’s figures every day except for one thus far in June. Some believe TON could close the distance in market cap with Solana.
Featured Image from Unsplash.com, Chart from TradingView.com
