Upcoming Update for TON Blockchain Can Propel Toncoin Price to $20

The recent v2024.10 update for the TON blockchain has enhanced data management and bolstered network security, potentially improving the overall efficiency of the system.

These technical advancements could drive the price of Toncoin toward the $20 mark, increasing market confidence and attracting further support.

Upcoming Update for TON Blockchain

Currently, approximately 84.61% of Toncoin holders are at a loss. If the price can surpass the $5.11 threshold, significant buying activity may commence, aiding in price growth. The TON development team has announced this crucial update to address network vulnerabilities and enhance the functionality of the TON ecosystem.

Potential Price Surge Following Update

With these improvements, some cryptocurrency analysts forecast that Toncoin’s price could reach $10, with even more ambitious targets suggesting it might hit $20. These updates could strengthen the blockchain’s stability and encourage market participants to reassess the price growth potential for Toncoin.

Key Enhancements to the TON Network

The latest TON blockchain update introduces several technical improvements aimed at increasing the network’s speed and security. With the release of version v2024.10, synchronization and memory cleanup for systems using slower drives have been enhanced. These upgrades contribute to improved speed and efficiency, providing greater data processing capacity. Furthermore, the update has reduced data transfer volumes, subsequently lowering network traffic. This increased efficiency may result in reduced transaction costs for users.

Technical Analysis of Toncoin Price

Currently trading at $4.75, Toncoin appears to be positioned at a critical support level. Technical indicators suggest that the price has approached this support threshold over the past year. Historically, Toncoin’s price has only fallen below this moving average in bearish markets, indicating a potential opportunity for long-term investors. Additionally, an upward trend line established since July 2024 has been supporting Toncoin’s price. If it can maintain above this trend line, a bullish trend may emerge, leading to further price increases.

In a bullish scenario, Toncoin could fill the price gap between $4.21 and $4.89. If it successfully breaks through this range, it could pave the way for upward movement toward $6.51 and even $10.

Majority of Toncoin Holders at a Loss

Currently, 84.61% of Toncoin holders purchased at prices higher than the current market value, indicating that many are facing losses and may choose to sell if the price approaches their entry levels. Around 9.68% of holders are in profit, while 5.71% have purchased near the current price and are unlikely to sell soon.

For Toncoin to achieve a sustained price increase, it must break through resistance levels between $4.94 and $5.11. A stable breach of this range could attract demand from investors who believe in the network’s recent improvements and its future potential.

Conclusion

Recent updates to the TON blockchain aim to improve network security and efficiency, which could enhance market confidence and subsequently bolster Toncoin’s price. These enhancements, including faster transaction speeds and lower costs, prepare the network for a larger user base. With Toncoin currently at a significant support level, if it can surpass the resistance at $5.11, it may draw greater investor interest and embark on a bullish trend.