This year, many altcoins have seen significant gains. Some even experienced increases of more than 10 times. However, TON Coin has surpassed important thresholds with the steps it has taken throughout the year and with the support of Telegram. But recent events have caused delays in transaction confirmation times on the network. So, what’s going on with TON Coin?
Why is TON Coin Slowing Down?
For the past 2 days, we have seen a significant slowdown in transactions on the TON network. Since December 5, more than 3 million new transactions have been recorded. Such intense interest in such a short time is unusual for relatively less popular networks like TON Blockchain. Moreover, this community interest is also a supportive indicator for price increases.
The architecture and implementation of TON allow it to handle a much larger load quickly. However, the increase in transaction volume, which has increased by 50-100 times within 30 minutes, has caused disruptions due to some validators with weak hardware on the network.
These delays were experienced with the arrival of BRC20-like inscriptions (TON20) on the TON network. If you remember, we have seen similar disruptions on the BTC, DOGE, and LTC networks as well. A significant increase in network usage can be an important test for the TON blockchain and can also support the permanent user base on the network.
TON Coin Price Predictions
The price, which hit new highs since August 27, recently approached the $2.78 limit on November 8. However, it is now struggling to maintain the $2.24 support. Although altcoins were shaken due to the decline in BTC price, we have not yet seen the results of the December rally in altcoins. This indicates that it may be time for a mid-altcoin rally.
If the price of TON Coin falls below the $2.24 support, we may see a further decline to $2.01 and $1.91. However, if the $2.5 threshold is surpassed, new highs could come on the radar. Everything depends on which region the BTC price will consolidate in.
Investors have become cautious in anticipation of the data that will come on Friday. If the data does not come abnormally in 24 hours, the market may relax.