Toncoin remained under pressure as cryptocurrencies rebounded and its on-chain data improved.
Toncoin (TON) traded at $5.35 on Saturday, down more than 35% from last year's high. It has lagged behind other cryptocurrencies such as Bitcoin (BTC) and Ripple (XRP) which has jumped to the highest level this year.
Data on chain shows that the TON Blockchain was doing relatively well. according to Tone Statthe number of daily wallet operations rose to 185,395 on Friday, the highest increase since December 13. This increase brought the total number of active wallets on chain to more than 38.8 million.
In addition, the number of TON tokens that are burned each day has started to rise. They rose to nearly 12,000, the highest level since last November. This burnout occurred even as the number of mintmarks fell to 80,800, down from nearly 90,000 earlier this year.
More data shows that the amount of fees collected in the TON ecosystem has increased to 23,790 TON, the highest gain in almost a month.
Therefore, the price of Toncoin is likely to be weighed down due to the continued performance of its main ecosystem tokens. Some of the most popular tokens like Hamster Kombat, Notcoin, and Catizen have all dropped by double digits.
Toncoin stock price history
Crypto analysts are mostly bullish on the price of TON. In a recent post, Darkfost, an analyst at CryptoQuant was noted that its annual volatility has fallen and moved below the 0.25 level. He believes that periods of low volatility are followed by market reversals.
Another analyst said that the Normalized Risk Metric was close to a low risk period. As with periods of low volatility, he believes that these periods of low risk are often followed by large swings in price action.
The daily chart shows that the price of Toncoin forms a symmetrical triangle. Its high side connects the highest swings since June 15, while the low side connects the lowest levels since last September.
This triangle started forming after rising from a low of $1 to a high of $8.30, indicating a bullish pennant pattern. Therefore, it is likely that the coin will have a breakout in the next few weeks or months. If it happens, the first target will be an all-time high of $8.30, up 55% from the current level.
