Telegram-linked tokens have experienced a notable surge in demand over the past 24 hours. This coincides with the announcement of BNB Chain’s integration with the popular messaging app early Friday.
This development comes as Toncoin (TON) is witnessing a notable uptick in user demand. As user interest grows, this integration may propel Toncoin’s price above $7, opening the door to further gains.
Toncoin Might Benefit from BNB Chain’s Integration
BNB Chain has confirmed its integration with Telegram to “onboard the next billion users into Web3.” In an announcement on Friday, the network’s developers highlighted that the integration will benefit both users and developers.
Users will gain enhanced tools to manage BNB Chain-based assets more efficiently. Meanwhile, developers building on BNB Chain can easily integrate secure Telegram logins into their applications using Privy’s SDK.
This integration is significant as it coincides with rising demand for Telegram’s native cryptocurrency, Toncoin. On-chain data reveals a surge in daily active addresses on the network this month. According to Artemis, the number of unique wallets interacting with Toncoin has increased by 47% in the past 19 days, with completed transactions up by 21%.
Read more: 6 Best Toncoin (TON) Wallets in 2024
In an interview with BeinCrypto, Juan Pellicer, a senior researcher at IntoTheBlock, confirmed that TON has become the second most active network this month. In early September, the network processed around 3 million daily transactions and maintained an average of 2.4 million per day the following week.
“This level of activity puts it just behind Solana, highlighting TON’s growing user base. In fact, the network has now crossed 65 million addresses with a balance — a remarkable feat considering this is more than double what it had just three months ago,” Pellicer said.
Pellicer also noted that TON’s emphasis on retail adoption is driving its success. Much of this growth is attributed to TON-enabled Telegram mini-apps, which are significantly boosting both users and activity on the network.
TON Price Prediction: Coin May Breach Resistance
At press time, TON is trading at $5.75, with demand for the altcoin steadily increasing since the start of the month. This has resulted in a 26% price surge over the past two weeks.
The rising demand is reflected in the Relative Strength Index (RSI), which currently stands at 60.67, indicating growing buying pressure. With a reading of 57.34, buying activity is outpacing selling pressure in the market.
TON’s price may rally toward resistance at $6.82 if the uptrend is sustained. A successful breach of this critical level will cause it to climb by an additional 21% to trade at $8.28.
Read more: 10 Best Altcoin Exchanges In 2024
However, if selling activity intensifies, Toncoin could lose its recent gains and potentially drop to $4.46.
Disclaimer
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