Toncoin Surges 342% in 2024, Analysts Eye $20 Target

After its revival, Toncoin, the decentralized storage services blockchain project, has seen impressive growth in 2024. From a low of $1.87 at the beginning of the year, the TON network’s native crypto, TON, rallied to an all-time high (ATH) of $8.28, marking a 342% gain.

TON’s rally stands out as one of the most significant cryptocurrency rallies this year and propelled the crypto token among the top 10 ranked cryptocurrencies by market capitalization, according to data from CoinmarketCap.

Currently sitting at $7.19 after weathering the recent crypto market collapse relatively unscathed, the crypto community is increasingly bullish on TON. Many analysts project the altcoin could hit the $20 mark before the end of 2024.

In an earlier post on Coin Edition, it was highlighted how the TON Foundation took over and rebranded the project, renaming it from “Telegram Open Network” to “The Open Network” following the departure of the Telegram founder.

Notably, TON’s recent rise has been fueled by significant bullish momentum, as the crypto token experienced minimal pullbacks despite the crypto market’s ups and downs in 2024. TON’s most significant pullback came after the April rally, when the revived altcoin dropped from $7.67 to $4.60 in three weeks.

This 40% pullback in April found resistance at the 0.5 Fibonacci retracement level, triggering a bullish run that pushed the price to the current $8.28 ATH.

TONUSD Weekly Chart on TradingView

TON traded for $7.20 at the time of writing, with a market capitalization of $18.08 billion. Many network contributors currently support TON, with the Switzerland-based TON Foundation at the helm. Toncoin allows instant payment alongside decentralized storage and a domain name system (DNS).