- The popularity of USDT on TON is steadily increasing.
- TON price action is consolidating with respect to the downtrend line.
Tonmint [TON]the crypto associated with The Open Network blockchain continues to gain popularity among crypto enthusiasts, driven by recent developments.
The TON Network plays a key role in the broader adoption of cryptocurrency, especially through its support of stablecoins. Stablecoins, such as USDT, are essential because they serve as an entry point into the crypto market.
In fact, USDT on the TON blockchain has quickly grown in popularity. In the past 30 days, USDT transactions on TON reached over 4.5 million, with transaction volumes exceeding $300 million.
Source: CryptoQuant
The rise of USDT on the TON blockchain leads to a deeper investigation into USDT’s market dominance and its effect on the price of TON.
At the time of writing, USDT’s dominance stands at 5%, reaching its highest point during the August market crash when most cryptocurrencies saw significant declines.
Currently, USDT dominance is trending down and approaching a critical support level. If it breaks below this support, it could signal a bullish move for cryptos including Toncoin.
However, if USDT holds its position, it could indicate a continuation of the current trend, potentially putting downward pressure on the TON price.
Source: TradingView
TON within a range
Toncoin’s price action has been consolidating within a certain range and has been following a downward trend line since the start of the fourth quarter.
Despite this consolidation, it appears that TON may have found a bottom around an FVG zone. The increasing adoption of stablecoins, especially USDT, on the TON blockchain suggests that a long-term bullish outlook for TON could be on the horizon.
The price correction following Toncoin’s bullish run in early September has caused tension among traders.
Source: TradingView
With the growing popularity of USDT, more stablecoins could be converted into TON, which would increase demand for the cryptocurrency.
Further analysis of the profitability of active addresses on the TON blockchain shows that approximately 80% of addresses are at the money, meaning they are not making a loss or a profit.
Meanwhile, 4% of addresses make a profit and 16% suffer a loss. This indicates that most Toncoin holders acquired their tokens around the current price level, which is $5. This makes the current price an attractive entry point for people looking to invest.
Source: IntoTheBlock
Read Toncoin’s [TON] Price forecast 2024–2025
However, traders should be cautious as a break below this level could signal a continued decline before a potential rebound could take place.
Toncoin’s growing integration with stablecoins, especially USDT, supports a bullish long-term outlook. However, traders should remain vigilant for any short-term corrections that could impact the price.
