Toncoin (TON) has witnessed growing user demand, but holders seem to be offloading their assets, resulting in increased selling pressure. Consequently, TON has experienced a decline, with predictions suggesting a price drop to $4.42, indicating a potential 24% decrease from its current value.
Over the past month, Toncoin has seen a significant uptick in network activity. According to Artemis data, there has been a remarkable 74% increase in unique active addresses that executed at least one transaction in the last 30 days. This period also recorded 4 million transactions, showcasing a 67% growth in daily transactions.
This surge can be primarily attributed to the Hamster Kombat token airdrop that took place on September 26. During the first hour following this airdrop, the network processed over 1 million transactions.
On September 27, daily network fees soared to an all-time high of $349,000, coinciding with a record-breaking 1.6 million active users in a single day.
Despite the recent rise in demand for TON, traders are not optimistic about holding the coin. Currently, Toncoin is trading at $5.82, reflecting a 4% decline over the past three days. The downward trend in the Chaikin Money Flow (CMF) reinforces this bearish sentiment, with the indicator at 0.10. Though still positive, the decline suggests weakening buying pressure.
If the selling trend continues, Toncoin may drop to the resistance level of $5.25. Should this hold fail, the price could plummet further to a support level at $4.42, amounting to a 24% dip.
However, should demand rise again, TON's price could rebound to $7.37, indicating a potential 26% increase from its current trading value.
