Toncoin saw a rise in social volume following the launch of coin minting for Hamster Combat.
- TON fell from the $6 price level on the charts TON’s volume maintained its uptrend though
The Open Network (TON) recently registered a notable hike in social volume, driven partly by the launch of coin minting for one of its mini-apps, Hamster Kombat. This surge in attention has positioned TON as one of the market’s trending cryptocurrencies, with market indicators presenting both bullish and bearish cases for the asset.
TON’s social volume on the rise
Data from Santiment revealed that Toncoin’s social volume exceeded 400 over the last two trading sessions. This was a significant uptick, considering it remained below this level for several weeks.
While not an enormous spike, this hike is still noteworthy. And, it is a sign of the growing interest across the network.
Source: Santiment
Further analysis suggested that TON is currently the seventh most trending token on Santiment. However, sentiment analysis indicated that negative sentiments dominated the trend.
The recent minting event from Hamster Kombat and fluctuations in TON’s price have contributed to its prominence among trending assets.
Toncoin’s latest price movement
At the time of writing, Toncoin was trading at $5.933, following a slight decline of 0.79%. The 50-day moving average (yellow line) was at $5.755, while the 200-day moving average (blue line) was at $6.209.
The price recently moved above the 50-day MA, but it remained below the 200-day MA. This may be a sign of a short-term bullish reversal within a longer-term bearish trend.
Source: TradingView
Technical indicators
Parabolic SAR – The dotted markers were positioned below the price, signaling bullish momentum. This meant that buyers have been gaining control, and the upward trend may continue as long as the Parabolic SAR remains supportive.
Average True Range (ATR) – Standing at 0.302, the ATR indicated moderate volatility. The recent decline in ATR could suggest a more stable price trend with less erratic movements.
Bull and bear scenarios for Toncoin
If TON can maintain its position above the 50-day MA and advance towards the 200-day MA at $6.209, it could confirm a stronger bullish trend. Breaking above the 200-day MA would be a significant bullish signal, potentially attracting more buyers and driving the price higher.
Conversely, if TON encounters resistance at the 200-day MA and cannot sustain its position above the 50-day MA, it may retrace to the $5.50 level or lower. In this scenario, the previous downtrend would resume if buyers lose momentum.
Hike in Toncoin’s volume and TVL
Finally, data from DefiLlama pointed to a positive shift in Toncoin’s trading volume. Over the last seven days, the volume has risen from approximately $21 million to over $38 million. There’s also been a modest hike in the Total Value Locked (TVL), with the same having a figure of around $439 million at press time – An addition of about $10 million in recent days.
– Read Toncoin (TON) Price Prediction 2024-25
The trading volume may continue to grow as the Hamster Kombat coin minting gains traction. Should the bullish scenario for TON materialize, the TVL could see further increases. This would be a sign of heightened investor interest and capital inflows into the network.
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