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Homeweb3.0TON Blockchain Deploys v2024.10 Upgrade, Targeting Network Efficiency and Security

The TON blockchain development team has recently deployed a vital upgrade, v2024.10. They have also made improvements in FunC 0.4.5 to mitigate

TON Blockchain Deploys v2024.10 Upgrade, Targeting Network Efficiency and Security

The TON blockchain development team has deployed a vital upgrade, and made improvements in FunC 0.4.5 to mitigate essential network risks and optimize the TON ecosystem. These updates are boosting the stability of the TON blockchain, leading market participants to speculate on the possibility of a Toncoin price rally, with some suggesting the upgrades might be able to push the price to almost $10.

The new update of the TON blockchain includes several technical enhancements aimed at increasing the rate and improving the security of the network. The network has also improved its sync and garbage collection with the release of v2024.10 which is quite helpful for the systems that use the slower disks.

These enhancements are intended to improve the general speed and efficiency of the TON network, allowing it to process a greater amount of data. In addition, the update reduces the rate at which data is sent through the network further, resulting in decreased network traffic and improved efficiency, which may lead to cheaper transaction fees to users.

The update also improves the creation of channels and Distributed Hash Table (DHT) lookup, two important features involved in the functioning of the TON system. The response time of the blockchain is enhanced by improving the process of creating channels and searching DHT entries.

Faster channel creation and DHT lookup are therefore likely to result in quicker and more efficient transactions, which users will appreciate.

Additionally, a bug fix in FunC, the smart contract programming language of TON, is designed to enhance code performance on the blockchain. These updates not only increase the capability of the network, but also bolster its security, as better code execution minimizes the occurrence of errors that may lead to loopholes.

With Toncoin currently trading around $4.50, technical indicators suggest that the asset is at a pivotal support level. As can be seen on the TON Price Heat Map that reflects the price dynamics in the last year, the Toncoin price is nearing a critical support level.

As a result, the price of TON has dipped beneath this moving average only in bear markets; as such, the current price level might be a good entry point for long term investors. There is also a trendline that has been pointing upwards and has provided support to Toncoin’s price since July 2024.

If this asset stays above this trendline, the bulls may come into play and a rally may occur. On the bullish side, the price may try to close the “Fair Value Gap” between $4.20 and $4.90. Any further rise above this zone might open the door to a further increase to the $6.50 level and a possibly to $10.

At the time of writing, 84.61% of Toncoin holders are “Out of the Money.” This means that they bought TON at a price that is higher than its present value. There is a possibility that this large percentage of holders may be in a loss position and that they may decide to sell as soon as the price approaches their buy price.

Conversely, around 9.68% of holders are ‘In the Money,’ having bought at a price lower than the current market price. Another 5.71% of holders can be classified as “At the Money” meaning that they most likely purchased the tokens close to the current price and may not be inclined to sell in the short term.

For a sustainable price surge, Toncoin has to clear the resistance levels between $4.94 and $5.11. A move beyond this range over the long-term could stimulate additional demand, especially from investors who have warm feelings about TON’s upgraded network and believe that this is a good thing for the future.

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