Toncoin (TON) Price Prediction: TON Soars above $7.50, Nearing the Year-to-Date High of $8.30

The Toncoin price held steady on Thursday morning, even as Bitcoin came under intense pressure. TON soared above $7.50, nearing the year-to-date high of $8.30.

Toncoin (TON) price held steady on Thursday morning, showing little change in the last 24 hours, as Bitcoin (BTC) came under intense pressure. However, TON soared above $7.50 on Thursday, nearing the year-to-date high of $8.30.

This rebound, coupled with the steady growth of its market cap to over $18 billion, demonstrated the coin’s stability in the market.

Tap-to-Earn BoomToncoin price encountered bullish pressure as investors shifted their attention to the growing popularity of tap-to-earn networks.

For instance, Notcoin (NOT), one of the pioneers in the industry, has risen sharply of late, pushing its market cap to over $1.5 billion. This rally occurred as the network’s users surged past 30 million.

Notcoin is not the only tap-to-earn platform that is experiencing strong traction. TapSwap has also managed to gain over 58 million users over the last few weeks and has over 18 million daily users. This substantial increase in user base hints at a promising future for these networks.

In a similar vein, Hamster Kombat has managed to accumulate over 150 million users, while its YouTube channel added almost 30 million new subscribers in less than a month. Some of its videos have seen nearly 500 million users during this period.

The same applies to other play-to-earn networks, such as Yescoin, Dotcoin, and AveCoin, which have each added over 10 million users.

This trend is likely to continue and benefit TON, a blockchain network that was started by Telegram. Notably, most of them have selected TON as their blockchain of choice, which could lead to more demand for the Toncoin token.

Still, it is worth highlighting that TON price is soaring in a low-volume environment. According to CoinGecko, the network had over $300 million in volume, which is lower than other smaller tokens like Pepe, Renzo Restaked ETH, and Dogwifhat.

Toncoin Price PredictionThe daily chart shows that the price of Toncoin (TON) has been in a strong bullish trend after bottoming at $1.87 earlier this year. It has soared to over $7.50, marking its highest level since June 18.

The token has formed an ascending channel, which is shown in black. It has soared above the 50-day and 100-day Exponential Moving Averages (EMA). Moreover, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator have pointed upwards.

Therefore, the TON price will likely continue rising as buyers target the next key resistance point to watch will be at $8.30, which is about 10% above the current level. In the long term, however, the token has formed a rising wedge, which could point to a downside.

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