Is TON the Solana Killer? Price Up 8% as Momentum Builds

Toncoin (TON) has gone up by 2.5% in the past 24 hours and has managed to overturn its downtrend for now and defy the market’s gravity today as most crypto assets are dropping sharply.

Trading volumes for TON have gone up by 82.2% during this same period to stand at $399 million, a figure that accounts for only 4% of the token’s circulating market cap.

Good month for The Open Network: the biggest names in venture capital invested over $400M into TON and publicly backed it. Among them are the legends of Silicon Valley: Sequoia, Benchmark, Ribbit, Draper, VY, and other world-famous funds

Telegram users can pay for in-app purchases and services with TON – which is the only accepted cryptocurrency within the Telegram ecosystem.

Theoretically, Ton is faster than Solana (SOL) as it can process 104,715 transactions per second (TPS) while the latter has a theoretical limit of 65,000 TPS.

Meanwhile, Ton’s basic transaction fee currently stands at 0.0025 TON or $0.01 at current prices. Solana fees may be lower in some cases at around $0.0024 but they can also rise during peak usage times to around $0.048.

Despite Ton’s rising popularity and robust architecture, its DeFi ecosystem is nowhere near that of Solana. Data from DeFi Llama indicates that the total value locked (TVL) within Ton apps currently stands at $180 million.

It seems unlikely that Ton will dethrone Solana for the time being unless it manages to attract a significant number of developers to its ecosystem.

The latest spike in the price of TON could result in significant short-term gains to token holders as it managed to break a long-dated downtrend.

The daily chart shows that TON’s positive momentum pushed it above the $4 resistance yesterday while the price action during the Asian session today has managed to keep the token above this important level.

TON could rise by 33.4% over the next few days if late buyers decide to enter at this point. The MACD’s histogram shows that positive momentum picked up again after stalling for a few days while the Relative Strength Index (RSI) is still standing above the signal line.

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