Toncoin has positioned itself as a top 10 cryptocurrency, although it has faced significant market downturns. The native currency, TON, has decreased by approximately 36% from its 2024 highs, but it finds solid support at around $4.5. Enthusiastic buyers believe that the price may ascend, potentially surpassing $6 soon. However, future performance largely depends on market sentiment and Bitcoin's response to support and resistance levels.
The increase in Toncoin's Sharpe Ratio to a "low-risk zone" is noteworthy. This ratio, which evaluates risk-adjusted returns, suggests a favorable balance of risk and reward for investors. A CoinMarketCap survey indicates that as of mid-October, 77% of TON traders anticipate price increases, reflecting improved sentiment compared to last year when the Sharpe Ratio indicated higher risk.
Toncoin's popularity is evident with over 90 million holders by early October, marking a significant 24-fold increase over the past year. Its growth is bolstered by the adoption of its protocols, such as the tap-to-earn game, Hamster Kombat, and increasing interest in meme coins like Dogs. The continuing adoption and trading may encourage more buying, potentially elevating prices.
There is potential for Toncoin to experience further upward movement if Bitcoin rallies beyond $66,000 and $70,000. A significant break above $6 could lead to additional price elevations, possibly reaching June 2024 highs. Overall, while Toncoin faces market challenges, the rising Sharpe Ratio and increasing user base signal positive prospects for TON's future.
