YEREVAN (CoinChapter.com) — Toncoin rally took its native token TON’s price up by about 15% % in the previous two days, reaching $2.35 on Jan. 15. Before assuming what could have caused the surge, let’s look at the coin’s technicals and on-chain metrics to determine the possible price fluctuations in the coming sessions.
Toncoin Rally Might Be Short-Lived
According to the altcoin’s chart, the token has hit a resistance bar at $2.35-3.45, which it has been unable to break convincingly. TON’s price has peaked above the said resistance several times, but Toncoin bulls have not put sufficient weight behind the rallies, and the token has receded every time.
According to Defi tracker Defi Llama, TON’s development activity has also cooled down recently. For instance, its number of commits and core developers has dropped since early December; it could eventually translate into a decline in investors’ upside bias toward the TON token.
RedStone Oracles Helped TON Price?
Per the company’s announcement on Jan. 12, RedStone Oracles has integrated with the TON Blockchain. The integration aims to enhance its capabilities, especially in decentralized finance (DeFi).
According to the announcement, this integration faced unique challenges due to TON’s distinct network characteristics and the complexities of its programming language, FunC. RedStone adapted its data structures and “developed a new approach” to data transmission to accommodate TON’s constraints.
The data structures within the FunC language, diverge significantly from commonly used languages like Solidity or Rust. These structures are notably low-level and come with inherent limitations. To build complex data structures such as lists, developers use basic elements like tuples, large integers (up to 257 bits), and ‘cells’—a unique but complex component in TON’s programming.
commented the RedStone team.
Toncoin Price Target
Looking forward, RedStone is working on developing a robust relayer system. The project also intends to develop smart contract templates and expand data feeds to support the growth of DeFi on TON. As an oracle, RedStone will be playing a “crucial role” in supporting the DeFi ecosystem of TON. By offering live price data for assets, RedStone will contribute to the efficiency of dApps built on TON.
However, the integration is not likely to keep the Toncoin rally running if the on-chain metrics and the overall crypto climate don’t help. Thus, the upcoming sessions will illuminate the possible TON fluctuations. If the coin doesn’t conquer the resistance bar mentioned above, the likely target for the Toncoin price will be $2.27, or 4% below the current value.
