Is Toncoin [TON] Set to Eclipse Bitcoin? Anticipating Investors Stand By

Key Points

• Toncoin [TON] has outperformed Bitcoin [BTC] in recent days, with a gain of 21.36% in the past week.
• The social volume of TON has risen by over 20% compared to the previous week, suggesting a potential continuation of this trend.

Toncoin [TON] has been outperforming Bitcoin [BTC] over the past few days. According to data from CoinMarketCap, TON has seen a gain of 21.36% in the past seven days and a 4.98% increase in the past 24 hours.

In comparison, BTC has dropped 2.84% in the past week and gained 2.26% in the past 24 hours. The social volume of TON has been standing out in the crypto market, showing a rise of more than 20% compared to the previous week.

Social Volume and Performance of TON

The social volume of TON dipped from the 21st of April to the 1st of May but has been on the rise since. The price has also performed well since the 1st of May, reversing the retracement from $7 to $4.6.

During this period, the Weighted Sentiment has been positive, but at the time of writing, it has fallen into negative territory. This suggests that some fear might be entering the Toncoin market.

The mean dollar invested age has slowly been trending upward over the past month. This indicates that the tokens are gradually becoming more dormant, which suggests accumulation.

Dormant Circulation and Future Predictions

The dormant circulation has been minimal in the past month. A large spike was observed on the 10th of April, which coincided with the local top for TON. Therefore, traders and investors can monitor the dormant circulation metric.

A sudden, significant spike would likely suggest that a local top might be near. The performance of Toncoin in May as a top 10 asset by market capitalization should stimulate buyers. While Bitcoin fell below $60k, bounced to $65.5k and faced another rejection, TON has been trending higher.

The Fibonacci levels indicate that the likelihood of further gains is good. The move past the 78.6% retracement level suggests that the downtrend to $4.6 might not see new lows, but instead the price could trend toward the Fib extension levels northward.

The 161.8% and 200% extension levels at $9.61 and $10.8 are technical targets where bulls could realize profits.