Ankr's recent integration with the Open Network (TON) has excited developers and investors. This collaboration aims to promote the development of decentralized applications (dApps) on TON, which may impact the price of Toncoin in the coming months.
With Ankr's advanced Web3 API services now integrated, developers can simplify access to TON, preparing for significant growth on the network. As a result, many are speculating on how this development will affect the price of Toncoin.
Toncoin Adoption Retreats
Prior to Ankr's new TON blockchain integration, Toncoin adoption had fallen to its lowest point in 10 months at 18%, indicating a sharp decline in the number of new investors joining the network. Toncoin adoption is measured by the formation of new addresses on the network, a key indicator of a blockchain project's health and growth. The low adoption rate suggests Toncoin is struggling to attract new users, which may impact its overall market performance.
The decline in adoption suggests waning interest in the project, with fewer new investors entering the market. The reduction in new addresses also reflects a generally bearish sentiment towards Toncoin, as fewer participants are engaging with the cryptocurrency. If this trend continues, it could put additional downward pressure on Toncoin's price and market activity.
Toncoin's macroeconomic momentum also faces challenges, with the Relative Strength Index (RSI) showing signs of a downward trend. RSI is a key technical indicator, and its inability to firmly establish itself above the neutral line suggests that bearish momentum is gaining strength. If Toncoin fails to break out of this macroeconomic downtrend, the bearish pressure may continue, negatively impacting its price.
Furthermore, with the overall cryptocurrency market sentiment remaining fragile, Toncoin's overall market condition is relatively weak. The combination of low adoption and a declining RSI suggests that unless significant buying pressure emerges to counteract the downward trend, Toncoin may continue to remain in a bearish state.
Ankr's TON Blockchain Integration May Catalyze Toncoin's Revival
Ankr's integration with the TON blockchain enables developers to more easily build decentralized applications (dApps), particularly within the Telegram ecosystem, which has over 950 million users.
With Ankr's Remote Procedure Call (RPC), developers no longer need to deploy or maintain their own blockchain nodes to access on-chain data. Instead, they can directly interact with TON's network through pre-configured APIs, simplifying the dApp creation process.
Furthermore, Ankr's TON RPC will allow developers to retrieve real-time data, execute transactions, and manage wallet operations without the operational overhead of node maintenance. As a result, Ankr has lowered the barrier to entry for developers, making it easier to build high-performance dApps and digital assets.
Importantly, the geographically distributed nature of these RPCs will ensure low latency and reliable connectivity. The simplified access will attract more developers to build on the blockchain, driving further network activity and impacting the price of Toncoin.
Additionally, the rapid user adoption of the TON protocol demonstrates its growing utility. Earlier this month, the monthly active addresses registered on the Telegram blockchain exceeded 11 million, thanks to dApps, mini-programs, and game tokens.
Similarly, as Toncoin is the native token of the TON ecosystem, increased activity is likely to directly impact the demand for Toncoin.
Furthermore, this collaboration comes at a time when the number of independent TON network holders has reached 100 million. Compared to the 4.3 million holders recorded this year, this figure represents a significant increase, indicating the network's rapid adoption. With more users joining, Toncoin is expected to experience more volatility and growth opportunities.
Will Toncoin Price Reach $8?
As of the time of writing, the Toncoin price is hovering around $5, with a slight decline of around 1% in the past 24 hours. However, with the growing demand for stablecoin trading and the increasing utility of the TON blockchain, a price increase to $8 may be within reach.
Recent data shows that USDT trading volume on the TON network has exceeded $300 million, highlighting the platform's growing appeal.
Additionally, whale accumulation and the decline in exchange supply are positive indicators for Toncoin's price. As the available tokens on exchanges decrease and more are held in cold storage, the market may see a reduction in selling pressure. As a result, the TON price may break through its current resistance and reach $8 in the coming weeks.
In summary, Ankr's integration with TON has simplified dApp creation, eliminating the need for developers to manage nodes, and the TON blockchain's active user base has grown to over 11 million monthly addresses, reversing the adoption trend! The Toncoin price is hovering around $5, and whale accumulation and the decline in exchange supply suggest it may break through $8.
