The Open Network (TON) is powered by Toncoin. However, TON price continues to decline for the past three consecutive months. With declining returns, is Toncoin worth buying at a dip?
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
Toncoin TON $3.93 24h volatility: 2.5% Market cap: $9.72 B Vol. 24h: $224.86 M has dropped to nearly $3.50 amid the broader market crash. Meanwhile, the Toncoin demand over the network reduces. At the same time, the chances of a potential downfall under the $3 psychological support increase significantly. Amid such increasing threats, will Toncoin be able to take a bullish pivot?
With the massive crash in the market price, the Toncoin network also sees a massive downfall. Compared to the December 2024 high at 1.0244 million active addresses, it has receded to 293.10K active addresses.
The massive downfall in the daily active addresses marks a significant slowdown over the Toncoin network. The workchain activity on TON has plunged from 8.02 million transactions to a low at 874K transactions.
Hence, the activity over The Open Network has significantly dropped over the past few months.
In a nutshell, the sharp decline in active addresses and transaction volume signals a slowdown in Toncoin’s network activity, raising concerns about reduced adoption and engagement.
With the recent shift, the rolling percentage gains for holding periods reveal astonishing data. Holders for the past 3 months and 6 months have witnessed a negative return of 44% and 35%, respectively.
Meanwhile, the percentage gains for holders for the past 1 year are now down at 69%, compared to the peak of 462% in July 2024. The Toncoin Total Value Locked (TVL) by Category over the network is now at $433.02 million.
Out of the Total Value Locked, liquid staking holds nearly $250 million, with centralized exchanges and real-world asset projects holding $54 million, respectively.
In a nutshell, with long-term holding gains plummeting, investor confidence in Toncoin appears to be weakening, though the network’s total value logged remains relatively stable.
With a near 10% drop during the market crash, Toncoin visited a low of $3.32. However, the TON market price has since recovered to $3.58 after a 4% rise yesterday.
Despite the short-term recovery, Toncoin has marked four consecutive negative weeks and is continuously falling for the past three months. The downfall now accounts for almost 57% from its all-time high of $8.28.
Compared to the change in the overall network based on user base and transactions, the TVL of the network seems to hold the ground. Hence, with this short-term recovery, broader market stability will likely help Toncoin regain its bullish strength.
If TON price manages to restart a rally, the 50-day and 200-day EMA lines at $4.30 and $5.14 will be key resistance levels. On the flip side, the $3 psychological mark, followed by the $2.50, will be key support levels for Toncoin.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
