Toncoin (TON) Price Set to Hit $10 Amid Growing Web3 Developments 

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The cryptocurrency industry has experienced heightened volatility in the last few weeks, fueled by increased speculation and significant whales’ on-chain activity. The altcoin industry has attracted significant attention amid the upcoming listing of spot Ethereum ETFs in the United States next week.

Toncoin Price Dilemma

The Telegram-based Toncoin (TON) project remains largely uncorrelated with the rest of the crypto industry. Since March, the Toncoin price has been making weekly higher highs and higher lows, a characteristic of a rising trend.

However, the rising trend on the TON price could be approaching the end as the weekly Relative Strength Index (RSI) forms a bearish divergence amid a possible double top. 

If the Toncoin price continues in a correction mode ahead, the altcoin will find a support level around $5.7, which coincides with the 1.618 daily Fibonacci Extension. 

Meanwhile, the upcoming listing of spot Ether ETFs in the United States next week could trigger a fresh altcoin rally, including TON. In such a scenario, the TON price must consistently close above $8.1 to invalidate possible correction in the subsequent weeks. 

Growing Web3 Development 

The Toncoin network has grown to a top-tier web3 ecosystem, with more than $751 million locked by dozens of DeFi protocols. Since the strategic partnership with stablecoin issuer Tether, the Toncoin ecosystem has seen its stablecoin market cap rise to about $579 million at the time of this report.