What is Open Network (TONCOIN) And Why Has It Rallied 120% in 60 Days?

YEREVAN (CoinChapter.com) – According to Open Network’s website, “TON is a fully decentralized layer-1 blockchain designed by Telegram to onboard billions of users. It boasts ultra-fast transactions, small fees, easy-to-use apps, and is environmentally friendly.”

The project’s roadmap assures the users that Open Network launched a DeFi Program in 2022 and launched the Ton Payments Program. According to the Roadmap, the upcoming events include the TON Storage launch in Q4 2022 and “Bitcoin & EVM Crosschain” in 2023.

Open Network’s whitepaper contains further details on the project and its comparison to other proof-of-work blockchains. The lengthy 130-page document states that the networking demands of single-blockchain projects, such as Bitcoin or Ethereum, “can be met quite easily.” Conversely, multi-blockchain projects like the TON Blockchain are much more demanding.

Once the more sophisticated network protocols needed to support the TON Blockchain are in place, […] they can be used for purposes not related to the immediate demands of the TON Blockchain. Thus, they provide more possibilities and flexibility for creating new services in the TON ecosystem.

states the whitepaper.

TON is the biggest gainer in the top 20 cryptos

Notably, the TON coin achieved one of its 2022 goals and scored listings on several major exchanges. Despite the overall bearish narrative on the crypto market, TON rallied 120% in the previous 60 days. Moreover, the digital asset brought its overall gainst to 260% since bottoming out in mid-July 2022.

The bullish move promoted the digital asset right into the top 20, with a market cap of $3.2 billion, as of Dec 19. The TON/USD exchange rate stood at $2.67 after paring its Q2-Q3 losses. On Dec 14, the token reached its 8-month high of $2.9 and dropped to a former resistance at $2.22, retesting it as support.

Meanwhile, a closer look at the four-hour chart reveals a possible cool-off ahead. In detail, the trading volumes on the four-hour chart have been declining since the Dec 14 peak. The slowing purchase pace could mean a rally cool-off in the upcoming sessions or even a possible reversal.

In the previous Open Network report, CoinChapter estimated that “a clear move above the $2.50 level might send the price towards the $2.65 level.” Additionally, “any more gains might open the doors for a move toward the $2.80 resistance zone.” The token indeed broke above $2.50 but did not yet confidently conquer the $2.65 resistance.

Should the bullish momentum continue, the $2.80 zone might still be in the books. However, given the slowdown could indicate a return to $2.50. Meanwhile, the factors behind the TON rally are noteworthy.

Why has TONCOIN rallied over 260% since July?

As CoinChapter reported previously, the Telegram-backed crypto passed an audit by Certick, which could have propelled the coin forward. Five audits are available on the Certick website, none revealing unresolved issues.

Additionally, Open Network’s token got support from the hardware wallet SafePal. On Nov 17, the latter announced it would be the first wallet to support the Toncoin blockchain “before the end of the year,” citing heightened demand.

We are pleased to announce that SafePal will become the first case of native hardware wallet integration for TON. With this integration, TON users can store, send and receive Toncoin in a more secure and seamless way on the Open Network.

read the blog post.

In a recent development, the TonCoin blockchain announced the launch of TON/USDT pair for perpetual futures contracts on a major crypto exchange Gate.io.

All the above reasons could have pushed the Open Network token further in the previous months, attracting more users to the blockchain.

Meanwhile, TON’s upside move might slow down in the coming hours. The Dec 20 session will shed more light on the digital asset’s future direction and whether traders are ready to create more buying pressure for TonCoin.

Click here to keep up with the ever-changing crypto market and never miss the scoop!