Toncoin price has bounced back in the past two days as investors focus on the Notcoin performance and its DeFi ecosystem. The TON token soared to a high of $7 on Monday, slightly lower than its all-time high of $7.67. It has jumped by almost 610% from its lowest point this year.
TON defi ecosystem is booming
The price of Toncoin has performed well this year, supported by the strength of its ecosystem. Data compiled by DeFi Llama shows that the network’s total value locked (TVL) has reached a record high of $703 million.
Most of its platforms have experienced significant growth in assets in the past few months. Tonstakers, the largest liquid staking platform in the ecosystem, had a TVL of over $251 million, representing a 24% increase in the past 30 days. STON.fi, the largest Decentralized Exchange (DEX) on Toncoin, has seen its TVL surge by over 87% in the same period to over $226 million.
DeDust, another DEX, has over $107 million in assets. The other fastest-growing platforms in the Toncoin ecosystem are Stakee, Storm Trade, EVAA Protocol, and Megatone Finance. DeDust’s total transaction volume in the past 24 hours was over $9.6 million, while STON.fi handled over $45 million in assets.
Toncoin’s ecosystem is also benefiting from the increasing number of accounts on its platform. Data from TonStats shows that the number of accounts has risen to over 29.7 million, and it is expected to surpass 30 million soon if the trend continues.
The number of active Ton on-chain activated wallets has jumped to over $6.8 million, a number that is growing by almost 200k daily. Additionally, the amount of Toncoin locked in liquid staking has jumped to over 50 million.
This growth will likely accelerate because of the strong performance of Notcoin (NOT), one of the fastest-growing cryptocurrencies in the market. Notcoin price surged to a record high as demand for the play-to-earn token soared.
Toncoin price forecast
The daily chart shows that the TON token has staged a strong comeback after bottoming at $4.60 in May. It has soared to $7 and is nearing the crucial resistance at $7.67, its highest level on record.
Toncoin price has remained above the 50-day and 100-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) and the MACD have pointed upwards.
Therefore, the TON token price will continue rising as buyers target its all-time high. A move above the resistance at $7.67 will point to more upside as buyers aim for the psychological point at $10.
